The Wolfsberg Group has published guidance on artificial intelligence and machine learning (AI/ML), which the association of 13 global banks believes can have, and are already having, a significant impact on improving the effectiveness and efficiency of financial crime compliance and risk management programmes.

 Principles for Using Artificial Intelligence and Machine Learning in Financial Crime Compliance identifies five elements that support an ethical and responsible use of AI/ML: legitimate purpose; proportionate use, design and technical expertise; accountability and oversight; openness, and transparency.

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