AI Episode 1
Channel: MentorTalk
Date: 2022-07-01

"Data is the new Oil". My lecture series on #ArtificialIntelligence in the Global Financial Space etc. will be aired weekly for the next 2 months. Here is Episode 1. AI-powered compliance systems would have a far better chance of flagging the financial and other criminal rings. #lawbatra #mentortalk.

The quote “Data is the new oil” was originally coined in 2006 by the British mathematician Clive Humby, this phrase is perhaps more pertinent today than it was then.
Another interesting commentary was rendered in 2019, by the then-Bank of England Gov. Mark Carney who argued that financial regulators will have to adopt AI techniques to keep up with the rising volumes of data flowing into their systems. To embellish the point, he said the bank receives 65 billion pieces of data annually from companies it oversees and that reviewing it all would be like “each supervisor reading the complete work of Shakespeare twice a week, every week of the year.” That was three years ago. The number is almost certainly higher today.
Banks are required by law to maintain anti-money laundering (AML) systems to detect and report money movements that may indicate financial and other crimes, but these systems are mostly analogue and extremely ineffective.  The United Nations Office on Drugs and Crime estimates that less than 1% of financial crime is actually caught. AI-powered compliance systems would have a far better chance of flagging the criminal rings.
Artificial Intelligence