College
Muma College of Business
Mentor Information
Jung Chul Park
Description
Financial crime has been an issue that has plagued the world for as long as the concept of trade has existed. With the rise of the digital age and globalization, financial crime has continuously and significantly evolved, with increasingly complex and intricate methods of financial crime and fraud being committed each year. Government organizations and financial institutions are having to constantly overcome new barriers and challenges to monitor financial crimes due to their evolving nature. Artificial intelligence, a new technology that is being constantly researched and explored, has the potential to innovate current and new technologies within the financial intelligence sphere, such as regulatory technology (RegTech), and suspicious activity reports (SARs), to help detect and prevent financial crime as criminals seek to innovate on the technology themselves. This study will assess the implementation and effectiveness of artificial intelligence in fighting and detecting financial crime within the United Kingdom, specifically analyzing the regulatory landscape, current practices, and the effectiveness of these practices while also providing future recommendations.
Assessing the Effectiveness and Implementation of Artificial Intelligence in Detecting and Preventing International Financial Crimes: A Case Study of the United Kingdom
Financial crime has been an issue that has plagued the world for as long as the concept of trade has existed. With the rise of the digital age and globalization, financial crime has continuously and significantly evolved, with increasingly complex and intricate methods of financial crime and fraud being committed each year. Government organizations and financial institutions are having to constantly overcome new barriers and challenges to monitor financial crimes due to their evolving nature. Artificial intelligence, a new technology that is being constantly researched and explored, has the potential to innovate current and new technologies within the financial intelligence sphere, such as regulatory technology (RegTech), and suspicious activity reports (SARs), to help detect and prevent financial crime as criminals seek to innovate on the technology themselves. This study will assess the implementation and effectiveness of artificial intelligence in fighting and detecting financial crime within the United Kingdom, specifically analyzing the regulatory landscape, current practices, and the effectiveness of these practices while also providing future recommendations.
