AI Not Panacea To Financial Crime Woes, UK Regulator Says

Law360, London (December 6, 2017, 4:06 PM GMT) -- There is no silver bullet to stop criminals abusing the financial system, and banks must invest in staff before putting all their faith in new technologies to uncover suspicious activity, a top British regulator said Wednesday.

Rob Gruppetta, head of the financial crime department at the Financial Conduct Authority, said the watchdog viewed developments such as artificial intelligence in detection and surveillance as “a constant work in progress."

“Any bank hoping for a black box in the corner that will sniff out the launderers will be...
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