WOLFSBERG NEWS
Publication of the Wolfsberg Principles for Using Artificial Intelligence and Machine Learning in Financial Crime Compliance

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; Design and Technical Expertise; iii. Accountability and Oversight; iv. Openness and v. Transparency.

You can read the Principles here.

Back Office Consolidation
CBDDQ
Controls for New Payment Methods
Credit Cards
DFS 504 Rule
Digital Identity
Effectiveness
FinTech/RegTech
Future of Surveillance
Models & Methodologies
Negative News Best Practice
Retail Banking
RFI Benchmarking
Role of FCC professional
Sanctions
Source of Wealth/Source of Funds
Tax Transparency
Terrorist Financing and High Risk Charities
Trade Based Money Laundering
Vendor Procurement Due Diligence / ABC Control Framework
Recent articles
Publication of the Wolfsberg Principles for Using Artificial Intelligence and Machine Learning in Financial Crime Compliance
Publication of the Wolfsberg Group Comment Letter on the EU AML/CFT Legislative Package
Publication of the Wolfsberg Financial Crime Principles for Correspondent Banking