Legal implications of automated suspicious transaction monitoring: enhancing integrity of AI
Umut Turksen,
Vladlena Benson,
Bogdan Adamyk
Abstract:The fast-paced advances of technology, including artificial intelligence (AI) and machine learning (ML), continue to create new opportunities for banks and other financial institutions. This study reveals the barriers to trust in AI by prudential banking supervisors (compliance with regulations). We conducted a qualitative study on the drivers for adoption of explainability technologies that increase transparency and understanding of complex algorithms (some of the underpinning legal principles in the proposed… Show more
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