(AML) and anti-fraud analytics to investment management, financial services… use-cases, such as fraud detection and AML, firms can automate… in financial crime and AML. Revealing too much detail of how those models work.
Artificial intelligence (AI) is an increasingly important technology for UK financial services. Firms already use AI across a wide range of business activities and the Covid-19 pandemic has accelerated the pace of adoption. The improved classification and predictive accuracy of AI models, as well as their ability to automate certain tasks, can bring benefits for households, firms, and the economy. For example, consumers can potentially access lower-cost and more-tailored financial products and services. It is important that the financial services sector is able to harness the value of AI for the benefit of society at large.
https://www.bankofengland.co.uk/-/media/boe/files/fintech/ai-public-private-forum-final-report.pdf