APAC CIOOutlook

Advertise

with us

  • Technologies
      • Artificial Intelligence
      • Big Data
      • Blockchain
      • Cloud
      • Digital Transformation
      • Internet of Things
      • Low Code No Code
      • MarTech
      • Mobile Application
      • Security
      • Software Testing
      • Wireless
  • Industries
      • E-Commerce
      • Education
      • Logistics
      • Retail
      • Supply Chain
      • Travel and Hospitality
  • Platforms
      • Microsoft
      • Salesforce
      • SAP
  • Solutions
      • Business Intelligence
      • Cognitive
      • Contact Center
      • CRM
      • Cyber Security
      • Data Center
      • Gamification
      • Procurement
      • Smart City
      • Workflow
  • Home
  • CXO Insights
  • CIO Views
  • Vendors
  • News
  • Conferences
  • Whitepapers
  • Newsletter
  • CXO Awards
Apac
  • Artificial Intelligence

    Big Data

    Blockchain

    Cloud

    Digital Transformation

    Internet of Things

    Low Code No Code

    MarTech

    Mobile Application

    Security

    Software Testing

    Wireless

  • E-Commerce

    Education

    Logistics

    Retail

    Supply Chain

    Travel and Hospitality

  • Microsoft

    Salesforce

    SAP

  • Business Intelligence

    Cognitive

    Contact Center

    CRM

    Cyber Security

    Data Center

    Gamification

    Procurement

    Smart City

    Workflow

Menu
    • AI
    • Cyber Security
    • Hotel Management
    • Workflow
    • E-Commerce
    • Business Intelligence
    • MORE
    #

    Apac CIOOutlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIOOutlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    • Artificial Intelligence
    Editor's Pick (1 - 4 of 8)
    left
    The Right Technology And Reliable Partners; The Business Next Frontier

    Luke O'Brien, CIO, ISS Facility Services Australia & New Zealand

    Conquering Technological Transformation

    David Kennedy, Group CIO, Transaction Services Group

    How to Get to AI-first

    Ani Paul, CIO, ING Australia

    Legal Knowledge Management and the Rise of Artificial Intelligence

    Christopher Zegers, CIO, Lowenstein Sandler LLP

    Building an AI-Based Machine Learning for Global Economics

    Alexander Fleiss, CIO & CEO, Rebellion Research Partners LP

    Responsible Data Leadership in an AI-Driven World

    Gemma Dias, Head of Data Governance, Tyro Payments

    Building Agile, Secure and Human-Centered IT at Globe

    Raul Macatangay, Chief Information Officer, Globe Telecom

    AI Adoption in Hospitality: Striking the Balance Between Innovation, Excellence and Trust

    Phiphat Khanonwet, Head of IT, Onyx Hospitality Group

    right

    Financial Crime Compliance: AI use for Non-Financial Risks

    Celia Pizzi, Chief Compliance Officer, Travelex Bank

    Tweet
    content-image

    Celia Pizzi, Chief Compliance Officer, Travelex Bank

    The use of Artificial Intelligence (AI) for non-financial risk monitoring, such as Regulatory Compliance, Anti Money Laundering (AML), Anti-Corruption (ABC), has been a continuously improving process in Latin America and, I dare say to the world. AI, in my opinion, is the way to do it better and with accuracy, with no cost increase.

    Tools for the Financial Crime Compliance (FCC) sector used to be seen as an additional cost that did not add value. However, that is clearly untrue. AI allows businesses to scale at speed, taking on a huge amount of new business without scaling up the compliance team. Once with AI support, it is possible to monitor vast quantities of transactions, clients, suppliers, payments, reducing the noise, and false positives.

    When a company thinks of using AI solutions for monitoring financial crime, it means that they will stop using binary rules anymore and turn to using scenarios that combine many factors to understand a specific behavior.

    AI’s ability to process vast data sets at a scale no human can do and to identify patterns and outliers which people cannot see, it creates efficiencies (removing false positives) and more effective outcomes (finds more actual instances of financial crime), move away from a rules-based system which is highly ineffective and inaccurate - removes false positives, reliance on historical information and knowledge, static system, and bias.

    Ongoing monitoring of clients and transactions is probably the most important part of a financial crime compliance program, so the tooling you use is vital.  Do not bundle transaction monitoring and screening with other tasks as part of one giant compliance platform.   They are vital components of a financial crime program, and you want dedicated state-of-the-art tools.

    It can be deployed to tackle new products and business areas, allowing companies to expand their range of services and products and feel safe that they´re not taking on unexpected new risks in the process.

    “AI allows businesses to scale at speed, taking on a huge amount of new business without scaling up the compliance team. Once with AI support, it is possible to monitor vast quantities of transactions, clients, suppliers, payments, reducing the noise, and false positives.”

    AI can be intimidating.  Financial crime professionals are rarely AI or data specialists and may struggle with technological concepts or understanding how AI works.  They are also busy people who cannot devote much time to assimilating very complex new topics, but it is a kind of investment that we need to believe in and put efforts into moving toward this technology.

    Another important question that always comes together is about the acceptance of the use of AI by regulators.

    Actually, there is plenty of support for the greater use of technology and the use of AI in compliance.  Financial Action Task Force (FATF) has indicated they are supportive, and many regulators who have commented on it have also indicated they think it can be a very powerful tool with major benefits.  Of course, it is still new territory, but overall, I do not believe regulators are resistant or too conservative regarding AI solutions. An important point here is the obtained results’ explainability.  It is important for AI users to be able to explain how a tool works - at the appropriate level of detail for a regulator or business partner.  An AI tool cannot be a black box that generates outputs no one can understand, challenge, or assess. Therefore, this is the best way we have nowadays to work on preventing financial crimes.

    tag

    Financial

    Weekly Brief

    loading
    Top 20 Prominent Artificial Intelligence Solutions Providers in APAC - 2024
    ON THE DECK

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Read Also

    Loading...
    Copyright © 2025 APAC CIOOutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    Home |  CXO Insights |   Whitepapers |   Subscribe |   Conferences |   Sitemaps |   About us |   Advertise with us |   Editorial Policy |   Feedback Policy |  

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://artificial-intelligence.apacciooutlook.com/views/financial-crime-compliance-ai-use-for-nonfinancial-risks-nwid-9179.html