With all the hoopla surrounding the new availability of remote and obscure data and information to compliance officers conducting due diligence, it is important to remember that this is, even with machine learning capability, raw and largely unfiltered data. It requires examination, analysis and synthesis of the material, crafting it into a commentary, with conclusions, that can be understood, followed and acted upon to be effective.
Compliance can only be your gatekeepers when they have experience, and a skillset that will allow them to identify specific tradecraft, in real time, and be able to draw conclusions therefrom, especially when under time constraints to complete the tasks assigned.
Money launderers often multi-task, running a number of techniques, or variations thereof, and it takes a knowledgeable compliance officer to connect the dots. entry level staff simply cannot see such opaque, seemingly unconnected, movements and draw them together. AI-power programs will now be able to display a level of detail previously unobtainable, but it will still take a clever compliance officer to unravel the mystery, daily.
When your frontline compliance team has been educated to a high level, they will find the laundrymen and their operations from within the AI data that is made available to them. Do not take shortcuts on training for budgetary reasons; your AI is only as good as its users.
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