Harness the power of AI to tackle financial crime
Financial Times Opinion
23-05-18 13:34
Banks should collaborate on data to improve their fight against financial crime by enabling financial institutions to share information from within and outside their networks, according to the CEO of Nasdaq, Adena Friedman. Speaking in the Financial Times, she said the increase in financial crime was partly due to regulations that limited banks’ use of data and technology. Friedman spoke of the benefits of the New York exchange's own approach to combating financial crime, in which data from over 2,400 banks was used in conjunction with advanced artificial intelligence algorithms. Regulators should also allow banks to use data sets in order to combat crime and employ cloud-based AI and machine learning to tackle the problem.