The ACCA and EY jointly organised a conference in Brussels on the 23rd January 2020 to discuss anti-money laundering (AML) in the digital era, and the need to build trust and ethics in artificial intelligence to combat fraud and economic crimes.
Fighting financial crime is at the top of everyone’s agenda through the use of AI. Financial crime has no place in business or society. While progress is being made, further steps need to be taken to address it more effectively.
In terms of the use of AI, trust if key. It is about anonymity, accountability and accessibility.
Innovation is also crucial and must be kept up to date and to potential overtake the criminal behaviour. The European Commission will be announcing an advanced strategy for this in March to be as involved as possible in the right against financial crime. We need a greater international cooperation and data protection.
Ethics is also key in regard to the use of AI. There will be trade-offs in terms of fairness and perhaps the use of data, but this might be necessary in order to successfully fight against financial crime.
The ACCA and EY have just released a report entitled Economic Crime in the Digital Age.