RegTech , AI & Risk for MLROs

The session introduces RegTech and AI in AML Compliance, covering the impact of generative AI and machine learning

Capabilities, the three levels of automation, challenges in automated systems, and the importance of Explainable AI. The discussion also included the risks associated with virtual assets and the FATF's Travel Rule, an 8-point implementation framework for automated systems, and optimization tips for manual transaction monitoring, advocating for a highly targeted, risk-based sampling methodology over ineffective checking.

The course wraps up outlining the idealized Know Your Customer (KYC) flow, emphasizing proper information management and client screening and detailed Customer Due Diligence (CDD) requirements, identifying beneficial owners and Enhanced Due Diligence (EDD) triggers and procedures, high-risk situations prohibiting or requiring the termination of relationships, and provided guidance on writing an actionable Suspicious Transaction Report (STR).

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