The financial world firmly believes in artificial intelligence and in surveillance of everyone, every minute of the day. The fight against crime justifies infringement of fundamental rights, organisations like the powerful group of banks, Wolfsberg Group [*], believe (even though they write that they abide by fundamental rights rules). Read their post:

Artificial Intelligence and Machine Learning (AI/ML) can have, and are already having, a significant impact on improving the effectiveness and efficiency of financial crime compliance and risk management programmes. The Wolfsberg Group supports the leveraging of AI/ML by Financial Institutions to detect, investigate, and manage the risk of financial crime, as long as appropriate data ethics principles inform the use of these technologies to ensure fair, effective, and explainable outcomes.

For this reason, today the Group is publishing its Principles for Using Artificial Intelligence and Machine Learning in Financial Crime Compliance. The document identifies five elements that support an ethical and responsible use of AI/ML: i. Legitimate Purpose; ii. Proportionate Use; iii. Design and Technical Expertise; iv. Accountability and Oversight; v. Openness and Transparency.

You can also access the Principles on our website.

Article on their site of 1 December 2022: Publication of the Wolfsberg Principles for Using Artificial Intelligence and Machine Learning in Financial Crime Compliance.

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[*] On their site:

The Wolfsberg Group is an association of thirteen global banks which aims to develop frameworks and guidance for the management of financial crime risks, particularly with respect to Know Your Customer, Anti-Money Laundering and Counter Terrorist Financing policies.

Members are: Banco Santander, Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, MUFG Bank, Société Général, Standard Chartered Bank and UBS.