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Combating Financial Crime with Artificial Intelligence - Webinar

Updated: Oct 30, 2023

On March 15th 2023, experts came together to contemplate and discuss the role of AI & Machine learning in financial crime. The webinar was led by our director Adetoyese Adedokun, Docify co-founder Christopher Georgeson - Docify promotes good governance and places itself as a top-of-the-cliff solution to avoiding financial crime and Sultan Mahmood Partner IQEQ Digital a next generation ideation solutions firm specializing in AI Conversational Agents, AI & Machine Learning, Web3, Metaverse and Quantum Computing, presented a fascinating insight into how AI is already impacting the work and processes of their clients. Here is a taste of the event.

“Artificial Intelligence (AI) has become an integral part of our daily lives, transforming everything from customer services to autonomous cars. AI automation is already having a significant impact on financial crime, compliance and due diligence processes. AI powered technologies not only carry out AML/CFT, fraud and other financial crime prevention measures much faster than humans but also the ability to do it in real-time. AI particularly has the capacity to analyse sheer volume of data and create far-reaching benefits, such as delivering powerful insights and solving some of the toughest challenges. For instance, AI-powered screening tools can analyse vast amounts of data, identify potential risks, and flag any issues for further investigation. Using technologies in risk management usually has inherent risks, it is important for compliance officers to engage, share feedback and raise red flag. Finally compliance oversight of all technologies is non-negotiable”.

On this subject, Sultan Mahmood|IQEQ Digital shared “Imagine Chat GPT being powered by a quantum computer. At the moment, we all get blown away by Chat GPT because it's so amazing but imagine if that was actually being powered by a quantum computer that gave it an exponential increase in power. It would be able to analyse pretty much any data. It will be able to come up with a solution almost instantly. You will be able to answer questions that we can't even think of at the moment”.

Credit: Meta

Adetoyese added, we need to be ready for the digital twins as the line between virtual reality and physical is set to fade slowly. Metaverse as demonstrated above will mirror our reality soon. Sultan shared a scenario where concert attended by 150,000 ravers was hosted on Metverse. Putting our risk cap on, how do we manage;

  • KYC attendees

  • Verify Payments

  • other risks

How are we as compliance officers trying to understand this technology, especially its' inherent and residual risk.

Christopher Georgeson, CEO and Co-Founder of Docify commented

“I think you made a really great point Adetoyese before. You said young people should get involved in new technology, get excited about the different areas, take on projects and learn. Essentially that's what happened to me… This became my passion. To create software that could deliver on the challenges we are facing now. Help people enjoy their jobs and focus on the content in their roles… We've taken this technology out of the hands of programmers and developers. We are getting the accountants and legal folks at the desk automating, creating, using new technology, creating controls, creating workflows instantly, so people can get back to focusing on the content.”

Adetoyese concluded by adding;

Even events like this will soon be conducted in metaverse. The role of compliance officer will significantly grow out of the traditional space soon and so is the regulatory terrain. It is vital to enage these technologies, help shape its future and adequately manage the risks.

Is your organisation abreast of these technologies?

Speak with us today. Find out how we can help you business take advantage of these technologies.

Maycode is a boutique consulting firm offering unique services that combines AI regulatory technologies with human expertise to provide a comprehensive approach to sanction solutions. Our solutions are tailor-made to help clients effectively manage sanction risks and ensure compliance with relevant regulations. This range from comprehensive sanction solutions, including risk assessments, transaction monitoring, sanctions screening, compliance program, investigation, gap analyses, look-backs, policies, procedures, remediation services, monitoring and testing programs.


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