On Thursday 23 January, experts at an event in Brussels organised by the Association of Chartered Certified Accountants (ACCA), EY and Visa, discussed how new technologies such as artificial intelligence (AI), machine learning and robotic process automation can help transform the fight against financial crime, including money laundering.
In general, the speakers recognised the potential of AI, which they believe increases the capacity to collect and process data.
Marja Laitinen, head of the Microsoft Digital Crime Unit believes that artificial intelligence has clearly “changed the game” in the fight against malware, for example.
“In coming years, AI will be a vital weapon in our armoury in the war against economic crime. But for this vision to have a real impact, a comprehensive approach across people, processes and technologies is key”, said Jeanne Boillet of EY.
Speakers also recognized the importance of the human element. “People, process and governance remain key”, said Jason Piper of ACCA, as he presented the joint ACCA and EY report on Economic Crime in a Digital Age, which will be released on Monday, 27 January.
“Whether it's in double-checking who really sent a payment instruction, or teaching humans how to properly use AI, being sure that the humans in the chain have the right attitudes, the right rules to follow, and the right tools to counter the advances in criminal behaviour are the most important elements to keep the impacts of economic crime to a minimum”, he explained.
The discussions also raised the need, if consumer confidence is to be maintained, to strike the right balance between privacy on the one hand and security and transparency on the other. This challenge will be at the heart of the new European Commission’s mandate.
Andrei Stefanuc, who is responsible for anti-money laundering policy at DG FISMA, mentioned three action areas that are currently occupying the Commission: - seeing how some rules could be made directly applicable through regulations; - bringing more centralisation in the area of supervision; - seeing how best to support the work done by national Financial Intelligence Units, via, for example, a platform where they can exchange information better on major cases involving a number of member states.
At the same time, he confirmed that in March the European Commission will unveil “its thinking and desired actions” in a communication of some form. This will launch the consultation process with the aim of feeding into the Commission's reflections on concrete proposals next year, he said.
Some participants emphasised the need for better cooperation, better information exchange and, more than anything else, better implementation of the rules. This was particularly true for MEP Luděk Niedermayer (EPP, Czech Republic), who pointed out problems with transposing the fifth anti-money laundering directive.
He believes that, although some new rules will be necessary, particularly with regard to cryptocurrencies, the current rules must be enforced first. (Original version in French by Marion Fontana)