FIN573: You produced in response to Q1 above, you recognize that simply increasing headcount is not a sustainable proposition in the long term: Financial Crime Compliance Report, SUSS, Singapore

Question 3

As a follow-up to the report you produced in response to Q1 above, you recognize that simply increasing headcount is not a sustainable proposition in the long term. Currently, the onboarding staff manually screens new applicants against a selection of checklists, including sanctions, PEP, and adverse media lists, and this aspect is becoming increasingly onerous.

You believe that the best solution is to suggest to the board the use of commercially available automated artificial intelligence (AI), machine learning, and data analytics systems. The report should:

• highlight why the new technology is needed
• acknowledge the costs
• cover a proposed schedule for implementation
• detail how the technology will solve the current problems and how it will prevent future problems, and
• state how you propose to measure the success of the implementation if it goes ahead. The report should also acknowledge that such automated systems are prone to substantial exception reporting, especially at outset, and include a proposal for dealing with the exceptions.