Adoption of AI components into your financial crime compliance program might feel like a system upgrade, but don't forget the human elements to consider:
1.) Try to view the newfound automation more as an augmented member of your team. As with any vested employee, AI will need plenty of institutional training and some key communication skills.
2.) While regulators have extended an olive branch in support of technological innovation, it is important to find explicit ways to showcase their intent and value add in the content of financial crime compliance.
FIs are not the only ones thinking critically about how to adopt emerging technologies to address the onslaught of financial crime risks. Recently, a group of U.S. regulators put forth a statement encouraging FIs to test new technologies that would improve their anti-money laundering controls. While this gesture was welcomed, the impact of this statement goes deeper than simply an institution making decisions around financial crime prevention and detection technologies. Institutions that decide to implement AI or machine learning capabilities must consider not just how to approach the system upgrade itself, but also how to communicate the new controls to regulators.