Banks urged to keep regulators in the loop on AI plans for AML
Risk managers advocate five-year strategies and compliance teams’ ownership of the tech they use
Banks are stepping up their use of artificial intelligence (AI) to assist with anti-money laundering (AML) checks, but risk managers have warned that regulators need to be properly informed of any new technology adoption.
James Candelmo, chief Bank Secrecy Act and AML sanctions officer at PNC Bank in the US, believes that banks, whether actively deploying the technology or merely experimenting with it, should outline a three- to five-year road map, and articulate this clearly to regulators.
“You
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