Using Automation, Data, AI, and Machine Learning to Fight Financial Crime

Panel discussion about the role technology plays in anti-money laundering, and the challenges and concerns that come with adopting new tools such as AI.

Theresa Bercich
2 min read

At Lucinity, we design, build, and deliver technology solutions focused on humans. We aim to free up their valuable time and allow them to focus on anti-money laundering and compliance — to Make Money Good.

At the AML & FinCrime Tech Forum, I was lucky to participate in an expert panel discussion with Carsten Maple from the University of Warwick, Daniel Meel from ABN Ambro, and Conrad Lennard from Mastercard. We talked about the future of AML, technology, and how we can create and leverage data-driven automation, machine learning, and AI to reshape the future of compliance.

Conquering the complexity of compliance

One reality every AML professional has to face is the rising level of complexity when it comes to fighting financial crime. Criminals are not bound by frameworks. They can and do take advantage of the endless creativity of the human mind and the scale with which technology can enable them to expand it.

I was delighted to share Lucinity’s vision of technology that flips the script and places humans in the center of technology. Human AI, our vision of a technology designed to empower compliance professionals, affords this unrestricted freedom of expertise and productivity. Because we designed it to do exactly that from the start.

The future of AML: not easy, but bright

For me, one of the big takeaways from the AML & FinCrime Tech Forum was the thirst and optimism with which compliance professionals approached technology. They know, as do we, that technology isn’t exclusive to financial criminals: we can use it to not only match their prowess but surpass them.

By exchanging rule-based thinking for a risk-based mindset and replacing intermittent snapshots of people with continuous behavior analysis, we can fundamentally transform AML. Technology, used right, can close the gaps between data that criminals hide inside, and bring dirty money into the light.

Watch the panel discussion from the AML & FinCrime Tech Forum

Below you’ll find the recording of my panel discussion. We discuss the role technology plays in anti-money laundering and the challenges and concerns that come with adopting new tools such as AI. Privacy, collaboration, productivity, and control are important considerations that AML technology vendors need to account for. The discussion was lively, hopeful, and reinforced my belief that the future of AML is indeed bright.

I hope you’ll enjoy watching the conversation as much as I enjoyed participating in it. I’d also like to take this opportunity to direct your attention to our Play Now platform, configured so you can experience the unique approach Lucinity takes to create technology specifically for AML in the 21st century. Of course, reach out to us at any time and we’ll walk you through our solution and answer any questions.

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