UKGC Leader Says AI Compliance Falls Below Expectations
Highlights
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The UKGC’s director of enforcement has pointed out a lapse in AI tools for AML measures.
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The Commission is scheduled to release its updated risk assessment on money laundering and terrorist financing this July.
John Pierce, the UKGC’s director of enforcement and intelligence. During his speech at the Gambling Anti-Money Laundering Group (GAMLG) Conference in London, he said that an AI-powered compliance system lacks the potency to meet anti-money laundering (AML) requirements.
Previously, the United Kingdom’s Gambling Commission (UKGC) supported the Advertising Standards Authority’s move to integrate AI to discover gambling advertisements to under-18s. Pierce clarified that he is not against using AI or any other emerging technologies for AML measures. But also wants operators to ensure these tools deliver expected results before incorporation.
The UKGC director of enforcement has cautioned operators against thinking of technology as a universal solution to regulatory challenges. He further stated that evidence collected by the regulatory body shows that AML systems fall short of achieving desired compliance outcomes.
Lately, the commission has adopted a stricter stance towards personal management license (PML) holders failing to maintain oversight of anti-money laundering measures.
Even as these issues exist, Pierce believes that the industry’s compliance standards have improved post his appointment in February 2024. Pierce also revealed that the Commission is set to announce revised money laundering and terrorist financing risk assessment in July.
For the full news story, Read Here!
Previously, the United Kingdom’s Gambling Commission (UKGC) supported the Advertising Standards Authority’s move to integrate AI to discover gambling advertisements to under-18s. Pierce clarified that he is not against using AI or any other emerging technologies for AML measures. But also wants operators to ensure these tools deliver expected results before incorporation.
The UKGC director of enforcement has cautioned operators against thinking of technology as a universal solution to regulatory challenges. He further stated that evidence collected by the regulatory body shows that AML systems fall short of achieving desired compliance outcomes.
Lately, the commission has adopted a stricter stance towards personal management license (PML) holders failing to maintain oversight of anti-money laundering measures.
Even as these issues exist, Pierce believes that the industry’s compliance standards have improved post his appointment in February 2024. Pierce also revealed that the Commission is set to announce revised money laundering and terrorist financing risk assessment in July.
For the full news story, Read Here!
