AI-Washing: Is It Machine Learning … Or Worse?
Dr. Bimal Roy Bhanu AiXPRT – “In terms of regulatory compliance in financial services – for example, automating the KYC processes for AML and CTF – the utopia is an AI solution system that harnesses machine learning and natural language algorithms. The AI engine should not be static; rather, it should be trainable to understand any regulation regardless of geography. Also, once the system has learned a regulation, it should be simple – using a straightforward text input interface – to teach the engine to understand any differences or changes in regulation. It might take a person weeks to understand and be trained for changing regulations, whereas the AI solution can do it in a matter of hours.
Given that it can take months to manually complete compliance assurance processes, the business case for embracing the automated efficiencies, cost savings and analytics delivered by AI compliance solutions is undeniable. Such platforms are available and are infinitely superior to the illusory masquerade of the AI-washing brigade.”