The "Don’t Botch It—AML Compliance Opportunities, Risks With Chat Bots" article by Venable partner, Andrew Bigart was published in Bloomberg Law BNA's Banking Report on January 22, 2018. Here is an excerpt discussing the rise of chat bots and artificial intelligence:
How to integrate bots with anti-money laundering compliance: Continue to train employees in customer-facing positions to monitor for and identify suspicious activity. Incorporate effective methods to authenticate the identity of customers when interacting with them through automated technology. Institute comprehensive customer identification requirements, including requesting the purpose of transactions and ensuring there are algorithms in place to check consistency. Incorporate certain key words, scripts, or patterns of speech that signal suspicious activity and tailor systems to cause an alert requiring additional review by staff. Institute adequate reporting mechanisms to promptly inform security administrators when suspicious behaviors are detected by a bot in order to temporarily flag or disable accounts Incorporate geolocation technology to identify when users are in high-risk regions that may require specialized policies and procedures and heightened scrutiny.
How to integrate bots with anti-money laundering compliance: Continue to train employees in customer-facing positions to monitor for and identify suspicious activity. Incorporate effective methods to authenticate the identity of customers when interacting with them through automated technology. Institute comprehensive customer identification requirements, including requesting the purpose of transactions and ensuring there are algorithms in place to check consistency. Incorporate certain key words, scripts, or patterns of speech that signal suspicious activity and tailor systems to cause an alert requiring additional review by staff. Institute adequate reporting mechanisms to promptly inform security administrators when suspicious behaviors are detected by a bot in order to temporarily flag or disable accounts Incorporate geolocation technology to identify when users are in high-risk regions that may require specialized policies and procedures and heightened scrutiny.