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.
LINKS ON FIVERITY AND THE THINK TANK’S SUCCESS IN WORKING WITH CONGRESS TO MAKE A POSITIVE CHANGE TO FINANCIAL CRIME DETECTION:
Combating Money Laundering and Other Forms of Illicit Finance: Regulator and Law Enforcement Perspectives on Reform.
Think Tank prepares questions for Senate Banking Hearing
(3 min video)