AI + EXPERIENCED COMPLIANCE OFFICER = EDD SOLUTION

All of this loose talk about the shortcomings of artificial intelligence programs may be confusing, but many of these articles panning AI are missing the point. Artificial intelligence-powered programs are not designed to replace the human element, especially in the field of anti-money laundering compliance. They cannot, and do not, perform enhanced due diligence, to the exclusion of the human factor; Here's why.

AI is designed to find the most obscure and esoteric data for the compliance officer, which then must then be analyzed and interpreted. AI locates information that might otherwise never be found by legacy compliance research, even if one had an infinite amount of time available to round it up, and had access to each and every resource known to compliance, and even those not known in the industry. AI retrieves, and with that data, using machine learning, searches for additional information.

Then, seasoned compliance officers, who sent the query in the first place, synthesize, summarize and solve the EDD problem. It's truly a team effort. The pairing of effective information gathering with a critical thinker to weave it into a cohesive answer results in the EDD solution. AI is the tool; and and a highly effective one, which is information power wielded by the expert compliance officer, getting results. Ignore that popular nonsense about AI's weaknesses; when used as it was intended to be deployed, it works eminently well. It's not the standalone, it's the partner with the compliance officer that gets the job done.