You must be a member of ACAMS to see this content. Please login or join today for full access to www.ACAMSToday.org and other exclusive member-only content.
Trust, but Verify: GenAI in AML Compliance
Mar. 11, 2024
-
-
-
copied!
-
-
Very well structured article that tackles one of the viral topics nowadays!
On the other hand, since GenAI became one of the massive problems in AML compliance due to its ability to create synthetic identities of nonexistent people with forged documents and deepfake-powered faces, why shouldn’t FIs use GenAI to identify those falsified documents instead of passively avoiding GenAI usage?
We, as compliance professionals, are currently using machine learning in the pre-decision phases, including screening and identifying potential financial crime risks. Similar approach can be applied with GenAI. For instance, While machine learning is currently helping in the suppression process of repeated false positives, GenAi will be able to assist in effortlessly identifying those false positive scenarios and guarantee more efficient investigations by compliance professionals accordingly.
I believe there’s noway out from using GenAI by the compliance professionals in their daily tasks. Eventually, it’s more about the stage in which GenAI is being used.