GCFFC Releases Frequently Asked Questions on the use of AI as a tool to accelerate effectiveness in fighting financial crime
On March 14th, 2024, the Global Coalition to Fight Financial Crime (GCFFC), published Frequently Asked Questions on the use of Artificial Intelligence (AI) as a tool to accelerate effectiveness in fighting financial crime by Financial Institutions. MENA FCCG is a contributing member of the GCFFC.
By way of Background, the GCFFC established a Technology and Innovation Experts Working Group in 2022, inviting leading experts and practitioners to consider amongst other things, the use of AI as a tool to accelerate effectiveness in fighting financial crime. According to the paper, the role of AI in fighting financial crime will depend just as much on the partnerships that are formed, data pools that can be accessed, the selection of AI types used, the activity being transformed, the implementation of the solution and the feedback and control environments put in place to track progress and minimize bias and unintended consequences.
MENA FCCG endorsed the new release; according to Michael Matossian, MENA FCCG Founder and Deputy Chair, “The MENA Financial Crime Compliance Group, supports the publication of this paper by the GCFFC experts. Our FI’s recognize the important role AI can play in fighting financial crime as well as the many aspects that come with successfully designing and deploying these tools, and this paper helps FI’s and practitioners better understand their AML/CTF programmes”.
Click to view the Full Press Release and the FAQs.
