- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-06-29T15:04:00
A new survey of senior leaders and risk professionals from around the world found more than half the respondents have turned to artificial intelligence (AI) technology to address a perceived rise in financial crime risks, although most solutions are still rather new.
Of the 400 respondents to the “2023 Fraud and Financial Crime Report” by risk and financial advisory vendor Kroll, 56 percent said AI and machine learning have been implemented into their financial crime compliance programs. Two-thirds of respondents (67 percent) said over the next 12 months they planned to invest more in AI tech tools to combat financial crime.
The perception of using AI tools as part of the monitoring process was also positive among respondents, as 36 percent said they viewed the technology in a very positive light and 47 percent said somewhat positive. Only 7 percent said they viewed AI as somewhat negative or very negative.
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The United Arab Emirates has moved forward with plans to establish federal prosecution entities specializing in economic crimes and money laundering.
Technology companies including Google, Meta, and OpenAI agreed to a series of voluntary commitments they’ll make regarding their management of risks when developing artificial intelligence systems.
The possibilities for productive use of generative AI are alluring, compliance professionals say. But harnessing the technology in an ethical and compliant manner requires thorough risk assessment.
A new report on corporate whistleblowing and hotline trends in 2023 found reporting volume at an all-time high, with key disparities uncovered between reports filed by third parties and those filed by employees.
Many ethics and compliance programs have refocused their efforts away from bribery and corruption and onto data security and privacy, complex government regulations, artificial intelligence security, and other contemporary challenges, a survey from LRN found.
Nearly 800 financial crime professionals said the biggest threats to the effectiveness of their anti-money laundering programs are budget cuts and their inability to keep pace with more aggressive and innovative uses of technology by criminals to commit fraud.
