Bank Bosses May Get Blamed For Machine Learning Failings

Law360, London (June 4, 2019, 7:45 PM BST) -- A senior regulator told U.K. bank boards on Tuesday to pay close attention to managing the risks arising from replacing workers who carry out tasks like anti-money laundering checks with automated processes, warning they will be on the hook if something goes wrong.

James Proudman, the Bank of England executive director for U.K. deposit takers supervision, told an audience in London that managing risks from the application of artificial intelligence or machine learning to combat money laundering, detect fraud or carry out risk assessments is an increasingly important strategic issue. Regulators are also monitoring the situation, he said.

"The art of...

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