Financial crime-fighting is too important for fear and egos
To this new world ...
Banks and regulators have a chance to reach the UN's goals for reducing financial crime. But more of the same will not move us forward. The financial system needs to embrace technology and understand the promise of artificial intelligence in augmenting our human abilities for catching the modern-day Al Capones.
Still, anti-money laundering (AML) tech providers cannot continue to demand interest in their products just for technology's sake. New-age AML vendors must get over themselves and realize that fancy technology is worthless if no one can use it.
We need to democratize AI, and other deep technologies, to fight global problems like financial crime. We need to be humble in our approach and empathetic in our delivery. We need banks and regulators to work with people on the technological frontiers, not against them.
Human trafficking, slavery, and terrorism are horrible problems. And they are too big for institutional egos.
About the Financial's Times 'Letter to this new world'
I wrote this 'Letter to this new world' to contribute to the Financial Times Campaign. The campaign calls for public reflection on life before and after the pandemic and hopes to give a voice to the lessons learned. The message shown above appeared in the Financial Times today.