The AI in Business Podcast The Evolving Role of Banks in Fraud Detection and AML Compliance - with Nick Lewis of Standard Chartered Bank
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Mar 18, 2025 Nick Lewis, Managing Director for the High Risk Client Unit at Standard Chartered Bank, shares insights on the evolving role of banks in fraud detection and anti-money laundering compliance. He discusses how regulatory shifts are pushing banks to take on more responsibilities with limited resources. The conversation highlights the evolution of sanctions and the critical role AI plays in enhancing detection methods. Lewis also emphasizes the urgent need for collaboration between banks and law enforcement to tackle serious crimes like human trafficking.
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Shifting Regulatory Responsibilities
- Governments are increasingly shifting regulatory responsibilities onto the private sector, especially in sanctions and fraud.
- This increases the compliance burden on banks while potentially lessening the burden on governments themselves.
Balancing Mandatory and Voluntary Efforts
- Increased mandatory compliance tasks reduce resources for voluntary efforts like combating human trafficking.
- Prioritization is crucial to balance mandatory and voluntary work effectively.
Leveraging Technology for Prioritization
- Leverage technology for routine tasks to free up resources for higher priorities.
- Use AI to combine government and bank data to identify bad actors more effectively.