Artificial intelligence platforms, employing machine learning capability, can have applications for compliance far beyond the typical new client onboarding use which we have discussed inn previous articles. I have my eye on an appropriate use which is surely needed: reforming the compliance disaster that is the Citizenship by Investment (CBI/CIP) passport sector, as operated by five East Caribbean states, St. Kitts & Nevis, Antigua & Barbuda, Dominica, Stl Lucia and Grenada.
Although 95% of the passport purchasers are merely citizens of countries where visas are required to enter the EU and UK, the balance are international white-collar criminals, sanctions evaders fraudsters, and more of the Usual Suspects. CBI compliance departments have approved many of them without any effective scrutiny, after which they take those passports to facilitate their criminal careers.
Let us suggest that AI-powered programs be acquired by those countries embarrassed by their negligence, revoke the identity documents of the offenders, using the new information gleaned by their new AI platforms. let's reform CBI once and for all. I know that the international CBI consultancies will object, but they don't have the best interests of the CBI states, as we all are aware.
One final note:engage outside US or Canada-based compliance firms for the work, to keep local Caribbean corruption out of the picture. Clean up CBI, before the EU and UK lose patience with the compliance malpractice, and cancel visa-free travel for these passports, please.
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