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New RUSI Project on Artificial Intelligence and Financial Crime

News, 10 May 2021
Centre for Financial Crime and Security Studies, Financial Crime 2.0
Artificial intelligence is often described as having the potential to revolutionise financial crime detection. A new RUSI study will explore in depth both the opportunities and threats presented by AI in the financial crime context.

RUSI’s Centre for Financial Crime and Security Studies is launching a one-year study of policy and operational considerations related to the impact of artificial intelligence (AI) on financial crime. 

The project will explore the opportunities that AI offers for better financial crime detection, as well as the threats posed by the abuse of AI. It will form part of Financial Crime 2.0, a RUSI research programme focused on the intersection of new technology and financial crime. 

This latest workstream of the Financial Crime 2.0 programme is sponsored by its strategic partner, LexisNexis Risk Solutions. 

Tom Keatinge, Director of RUSI’s Centre for Financial Crime and Security Studies, said: ‘We are delighted to continue our Financial Crime 2.0 work, which delves into some of the most exciting, promising and topical issues facing the financial crime expert community’. 

Steve Elliot, Managing Director of LexisNexis Risk Solutions, said: ‘Analytics may be in its infancy, but it’s already delivering incredible successes in the fight against financial crime. There is real optimism across industry and law enforcement that AI will deliver substantive change for the benefit of society, but the challenges ahead are complex. RUSI’s research focus in this area will provide further invaluable insight and our sincere hope is that it will represent another vital step forward in the journey towards ensuring that the benefits of AI in the detection and prevention of financial crime are realised across every possible application, as soon as possible’.

In its previous two years, the programme examined the contribution of technology to effective financial crime prevention; the role of advanced data analytics in the activities of supervisory and law-enforcement agencies; the money-laundering threats presented by the proceeds of cybercrime; and financial crime risks in cryptocurrency, online gambling, online video games and e-commerce. 

This year’s research will ensure that Financial Crime 2.0 continues to address cutting-edge, practical issues of relevance to policymakers and the private sector alike.

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