Artificial Intelligence and Financial Integrity (Bank of China, Lunch & Learn Series) .

Activity: Talk or presentationPresentation


The Case of Financial Institutions-Financial Crime:
The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CFT) standard. It seems however, that the FATF framework is largely premised on a 20th-century banking model that is structured around intermediation, correspondent banking, and interbank messaging services such as SWIFT. After 30 years, it is not clear that the current FATF framework succeeds in limiting the criminal abuse of banks. On the other hand, Artificial Intelligence (AI) has the potential to make AML and CTF measures faster, cheaper, and more effective, and can potentially help to better identify risks and respond to, communicate, and monitor suspicious activity, at both the public and private sector level. In this presentation, I will address the question of whether the use of AI represents a threat or an opportunity for the AML/CTF regime. This presentation aims to shed light on key aspects of the benefits and challenges (regulatory or operational), of adopting AI to mitigate the AML/CTF risks to the financial system.
Period12 Mar 2024
Held atBank of China, China
Degree of RecognitionNational