The Wolfsberg Group has published “Principles for Using Artificial Intelligence and Machine Learning in Financial Crime Compliance”.
The document outlines 5 elements that work to support an ethical and responsible use of AI/ML:
- Legitimate purpose
- Proportionate use
- Design and Technical Expertise
- Accountability and oversight
- Openness and Transparency
The principles can help FI’s to address financial crime risks through effective detection, investigation, and risk management.