You’re absolutely right-AI ethics is a significant factor when considering the limitations of AI, especially in areas like financial crime prevention. Balancing innovation with ethical safeguards will be key as we continue to integrate AI into these frameworks. Thanks for your insight! What aspects of AI ethics concern you the most in this field?
Hi Lefki, thanks for commenting on this video. I think the takeaway from my video is that while AI can certainly be useful in combating financial crime, it is important to keep in mind that it should not be solely relied upon to detect and prevent illegal activity. The Wolfsberg Group, has developed those 5 principles for combating money laundering and terrorist financing that stress the importance of using a risk-based approach and ensuring that human expertise is incorporated into any system or process designed to combat financial crime. As mentioned in the video one of the key principles is that "the use of technology, including data analysis tools and artificial intelligence, is essential to identifying potential suspicious activity," but it is also important to "ensure that human expertise and judgment are applied where necessary to analyze, interpret and contextualize information." Therefore, while AI can certainly play an important role in identifying suspicious activity, it should not be seen as a silver bullet solution. Rather, it should be used in conjunction with other tools and processes, and should always be subject to human oversight and review (…at least for now). By incorporating the principles developed by the Wolfsberg Group and other experts in the field, financial institutions can ensure that they are using AI and other technologies in the most effective and responsible way possible to combat financial crime. Would you agree with my view?
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AI ethics is one of the potential limits of AI
You’re absolutely right-AI ethics is a significant factor when considering the limitations of AI, especially in areas like financial crime prevention. Balancing innovation with ethical safeguards will be key as we continue to integrate AI into these frameworks. Thanks for your insight! What aspects of AI ethics concern you the most in this field?
so AI is not appropriate ?
Hi Lefki, thanks for commenting on this video.
I think the takeaway from my video is that while AI can certainly be useful in combating financial crime, it is important to keep in mind that it should not be solely relied upon to detect and prevent illegal activity. The Wolfsberg Group, has developed those 5 principles for combating money laundering and terrorist financing that stress the importance of using a risk-based approach and ensuring that human expertise is incorporated into any system or process designed to combat financial crime. As mentioned in the video one of the key principles is that "the use of technology, including data analysis tools and artificial intelligence, is essential to identifying potential suspicious activity," but it is also important to "ensure that human expertise and judgment are applied where necessary to analyze, interpret and contextualize information."
Therefore, while AI can certainly play an important role in identifying suspicious activity, it should not be seen as a silver bullet solution. Rather, it should be used in conjunction with other tools and processes, and should always be subject to human oversight and review (…at least for now).
By incorporating the principles developed by the Wolfsberg Group and other experts in the field, financial institutions can ensure that they are using AI and other technologies in the most effective and responsible way possible to combat financial crime.
Would you agree with my view?
@@FinCrimeAgent alright, I agree with you . I got it now.
Nice one. Thanks for watching my videos 👍🏻