An AI adoption strategy for financial crime prevention

Colin Whitmore
Additional contact information
Colin Whitmore: Strategy and Innovation, Financial Crime, NatWest Group, UK

Journal of Financial Compliance, 2024, vol. 8, issue 2, 167-180

Abstract: Faced with a bewildering array of FinTech vendors and innovative approaches what direction and approach should you take? How can you adopt and use the latest innovative techniques to better detect and prevent financial crime? Do you buy or build? Do you replace or augment current systems? What about ensuring machine learning models are safe and unbiased? What about the role of the person — the human in the loop? What about generative artificial intelligence? What role does or should that play in your strategy? Can you trust it and use it? Given the potential artificial intelligence (AI) has to revolutionise the way you work, can you afford to ignore it? This paper will explore an AI adoption strategy, from the basics upwards, explaining how and where you can use and deploy AI. The paper defines the different techniques, considering both short, medium and longer time frames. It will consider how you can build a roadmap where you can consider both the longer-term goals, at the same time as building your foundations. It is not easy to keep up with the rapidly changing landscape of AI and innovative solutions but having a clear direction and strategy is a great place to start.

Keywords: AI in financial crime; financial crime prevention; AML; financial crime; AI strategy (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

Downloads: (external link)
https://hstalks.com/article/8973/download/ (application/pdf)
https://hstalks.com/article/8973/ (text/html)
Requires a paid subscription for full access.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2024:v:8:i:2:p:167-180

Access Statistics for this article

More articles in Journal of Financial Compliance from Henry Stewart Publications
Bibliographic data for series maintained by Henry Stewart Talks ().