Artificial Intelligence and Machine Learning (AI/ML) can have, and are already having, a significant impact on improving the effectiveness and efficiency of financial crime compliance and risk management programmes. The Wolfsberg Group supports the leveraging of AI/ML by Financial Institutions to detect, investigate, and manage the risk of financial crime, as long as appropriate data ethics principles inform the use of these technologies to ensure fair, effective, and explainable outcomes.

For this reason, today the Group is publishing its Principles for Using Artificial Intelligence and Machine Learning in Financial Crime Compliance. The document identifies five elements that support an ethical and responsible use of AI/ML: i. Legitimate Purpose; ii. Proportionate Use; Design and Technical Expertise; iii. Accountability and Oversight; iv. Openness and v. Transparency.