AML Conversations
The Solutions Series - Recapping Kevin Lee's Speech At The European Anti-Financial Crime Summit
Aug 22, 2023
Kevin Lee, Director, Financial Crime Technology at AML RightSource, recaps his speech on how technology can be harnessed for financial crime at the European Anti-Financial Crime Summit. Topics include changes in compliance technology, data quality and governance in AI, robotic process automation, and establishing a model risk management framework.
10:01
Episode guests
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- AI is not a cure-all and requires human oversight and quality control.
- Financial institutions should establish a model risk management framework, attention to enterprise-wide data, and align risk tolerance with their risk profile.
Deep dives
Evolution of Compliance Technology
The compliance technology landscape has evolved rapidly over the past decade, with a focus on data quality, governance, transaction monitoring, and sanctions screening. While some banks are still laying the foundation for effectiveness, others are exploring artificial intelligence and machine learning. However, it is important to understand that AI is not a cure-all and requires proper human oversight and quality control. In the next 10 to 15 years, the industry is expected to focus on efficiency by leveraging AI to learn from false positives and enhance current systems. Robotic process automation is also gaining attention as a means of reducing repetitive tasks and increasing workflow efficiency.
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
