There's been a lot of talk about how artificial intelligence platforms will soon replace employees in many industries. While this may be true in some places where drafting reports, or conducting research, may be central to the responsibilities of staff in certain types businesses, I must assure you that, in AML/CFT compliance, experienced compliance officers will continue to be indispensable elements of the programs.
Remember, while AI can rapidly and efficiently assemble relevant information, much faster than a human engaged in conducting an enhanced due diligence investigation, or performing transaction monitoring, and will find results investigators might miss, someone with experience must be there to interpret the information that AI finds. That's you, compliance officer.
Banks must have compliance directors with a decade of hands-on experience, supervising their department and staff, to conduct all critical examinations of the findings of their AI platforms, conduct decision-making, arrive at conclusions about onboarding or transaction suspicions, and take the appropriate actions important cases.
AI is great, but is only a better tool for your toolbox; even armed with machine learning capability, at the end of day, it's still the compliance director, with his skills, examining the results, that saves the bank from trouble. Relax, ladies and gentlemen; your positions are secure.
Remember, while AI can rapidly and efficiently assemble relevant information, much faster than a human engaged in conducting an enhanced due diligence investigation, or performing transaction monitoring, and will find results investigators might miss, someone with experience must be there to interpret the information that AI finds. That's you, compliance officer.
Banks must have compliance directors with a decade of hands-on experience, supervising their department and staff, to conduct all critical examinations of the findings of their AI platforms, conduct decision-making, arrive at conclusions about onboarding or transaction suspicions, and take the appropriate actions important cases.
AI is great, but is only a better tool for your toolbox; even armed with machine learning capability, at the end of day, it's still the compliance director, with his skills, examining the results, that saves the bank from trouble. Relax, ladies and gentlemen; your positions are secure.
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