BOSTON AI
THINK TANK

In 2017, the Boston AI Think Tank was formed by thought leaders from government regulatory agencies and leading financial institutions to expand the use and support for Artificial Intelligence and Machine Learning.

The AI Think Tank is made up of senior executives from prominent financial institutions and regulatory agencies who explore the potential for artificial intelligence (AI) and machine learning (ML) to improve financial crime detection. FiVerity is currently the meeting organizer and moderator.

We learned the primary concern of financial institutions is reputational risk and participants are willing to collaborate on sharing data about bad actors. However, punitive regulations and government policies prevent seamless sharing of information.

Over the last year, our Think Tank has advised members of the U.S. Congress on a collaborative model that can be used to combat financial crimes via information sharing, which was included in a Bill to modernize financial crime detection.

HIGHLIGHTS

LINKS ON FIVERITY AND THE THINK TANK’S SUCCESS IN WORKING WITH CONGRESS TO MAKE A POSITIVE CHANGE TO FINANCIAL CRIME DETECTION:

NOVEMBER 2018:

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

2017
September, 2017

FiVerity establishes AI Think Tank

2018
June, 2018
October, 2018

Think Tank meets with members of Senate Banking and House Financial Services Committee to advise on AI for financial crime detection.

November, 2018

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

December, 2018
2019
March, 2019

House Financial Services Committee sends letter to FinCEN on the use of Collaborative AI to improve Financial Crime detection

House Financial Services Committee members send letter to FinCEN

June, 2019
July, 2019
September, 2019
October, 2019
2020
February, 2020

Think Tank brings together financial institutions, Federal Reserve Bank and regulators to pilot Collaborative AI solution for synthetic ID fraud detection.

May, 2020

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

September, 2020

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

October, 2020

Think Tank Founder, Greg Woolf, is appointed by the Federal Reserve Bank to be a part of the Synthetic Identity Fraud Focus Group.

October, 2020

The National Cyber Forensic and Training Alliance joins the Think Tank as a cyber fraud research partner to provide actionable threat intelligence to fourteen Federal and State Law Enforcement agencies.

November, 2020

Collaborative AI Platform 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 cyber fraud.