know-your-customer kyc: Similar to the narrative of discussions facilitated at the same time during the Copenhagen Fintech Week, Artificial Intelligence AI remained at the centre of discussion listed as a potential holy-grail that might both increase the efficiency of KYC, AML and decrease the friction for the customers, according to The Independent. As digital transformation has been compared to changing tiers, while the car is still running, there are significant needs to not directly focus on the technology but rather on the effect what it enables and risks it brings. Anna Blyablina Finextra As Know-Your-Customer KYC and Anti Money Laundering AML requirements have been voted up unsurprisingly as key pain-points' of the European Financial Industry by more than half of the delegates of the recent European Banking Association Days in Stockholm. As AI and its usability in Finance remains a novel phenomenon, a group called 'High-Level Experts on AI' under the umbrella of the European Commission has already in April released Ethics Guidelines, including an assessment list, consisting of seven key requirements that AI solutions should meet in order to be deemed trustworthy'- which can be found here. Nathalie Smuha, the coordinator of the independent High-Level Expert Group on AI, stated in an interview that as different players desire to participate in the race towards the AI revolution, it remains vital to assess who should take responsibility and accountability to ensure the minimisation of potentially harmful risks caused by AI systems. It includes not only the definition of AI but also a display possibility for the end user to understand transparency, accountability or human oversight.
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