AI FOR REGULATED INDUSTRIES

The AI Think Tank is comprised of senior executives from large institutions and their regulatory agencies to explore the benefits of AI and ML in regulated industries with appropriate levels of protection and responsibility.

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AI is top of mind for Boards and Senior Management.  However, this technology, especially Generative AI, contains inherent risks, especially for institutions working with highly regulated data, like financial services, healthcare, and government.

We are currently developing a framework to lower the Operational, Regulatory and Cyber Risks associated with new AI strategies and implementations. If you are interested in learning more, please contact us.

The initiative has advised members of the U.S. Congress on a collaborative AI model that can be used to combat cyber and financial crimes via information sharing, which was included in the COUNTER Act of 2019 and the AML Act of 2020.

HIGHLIGHTS

THE INITIATIVE’S SUCCESS IN WORKING WITH CONGRESS TO MAKE A POSITIVE CHANGE TO USING AI IN REGULATED INDUSTRIES:

NOVEMBER 2018:

Combating Money Laundering and Other Forms of Illicit Finance: Regulator and Law Enforcement Perspectives on Reform.

SEPTEMBER 2019:

Congressman Hollingsworth participates in Think Tank meeting 

2023
June, 2023

Think Tank members join the Federal Reserve Bank’s work-group on information sharing to define industry-wide protocols to combat fraud.

2022
March, 2022

Members of the Think Tank Participate in the FDIC / US Treasury Department’s competition on Digital Identity Proofing for Remote Customers, winning one of the three categories.

February, 2022

Federal Reserve publishes Synthetic Identity Fraud Mitigation Toolkit to support awareness and prevention efforts across the payments industry.

2021
September, 2021

The Think Tank advocates for a intelligence network that securely shares information about cyber-criminals across a network of participating institutions and government agencies.

2020
November, 2020

Info-sharing network is launched with support of the think tank. The anti-fraud platform is driven by machine learning and features PII-secure data sharing in a unique way for financial institutions, government agencies and regulators to collaborate on digital fraud.

October, 2020

The Federal Reserve appoints the group’s founder, Greg Woolf, to the Synthetic Identity Fraud Focus Group.

September, 2020

The initiative provides comments on FinCEN’s Advance Notice of Proposed Rulemaking (ANPRM) to modernize the effectiveness and efficiency of anti-money laundering (AML) programs.

May, 2020

The initiative’s leadership is appointed to the Massachusetts FinTech Working Group’s Regulatory Innovation Workstream to engage with state-level regulators, including the Massachusetts Division of Banks, and advise on modernization of regulatory compliance.

February, 2020

The initiative brings together financial institutions, Federal Reserve and regulators to pilot collaborative AI solution for synthetic identity fraud detection.

2019
October, 2019
September, 2019
July, 2019
June, 2019
March, 2019

House Financial Services Committee sends letter to FinCEN on the use of collaborative AI to improve fraud detection

House Financial Services Committee members send letter to FinCEN

2018
December, 2018
November, 2018

Senate Banking Hearing on Combating Money Laundering and Other Forms of Illicit Finance.

October, 2018

The think tank meets with members of Senate Banking and House Financial Services Committee to advise on AI for digital fraud detection.

June, 2018

The initiative proposes the collaborative AI concept
Senate Hearing proposes innovation to fight illicit finance with AI

February, 2018

Greg Woolf establishes the Think Tank to expand the use of AI in cyber-crime prevention.