By Brian Monroe
bmonroe@acfcs.org
April 7, 2021
The five top regulators of the country’s financial services sectors are querying the industry about the pros, cons, potential and prognostication tied to artificial intelligence, including in the areas of financial crime compliance.
The U.S. Treasury’s Office of the Comptroller of the Currency (OCC), the regulator of the country’s largest and most complex institutions, and the top oversite bodies for credit unions and consumer protection have released a request for information (RFI) to better understand how, why and why not when it comes to banks of all sizes using artificial intelligence (AI).
These operations have roughly the next two months to answer a bevy of questions tied to AI, including systems, models and automated machinations to better calibrate anti-money laundering (AML) risk, engage in deeper and more data-driven investigations, more quickly uncover frauds and counter rising cyber vulnerabilities and high-profile attacks.
To read the full 23-page RFI and comment, click here.
Depending on the responses, regulators may issue more guidance on where AI can help institutions and pitfalls to avoid.
The interagency…
