Pedro Bizarro, Chief Science Officer, Feedzai said, “The UK is at a critical inflection point in the AI space. The CMA’s timely review of the market comes as anti-fraud and anti-money laundering leaders are being pushed to embrace AI responsibly and effectively."
Collaborative approach
"A one size fits all approach to AI regulation simply won’t work in the UK, and so while a collaborative approach across regulators is sensible, the challenge will be ensuring those regulators are joined up."
"There’s a delicate balance to be struck here to ensure that innovation isn’t stifled, but also that consumers are effectively protected."
Need for a proactive approach
“The financial services industry is no stranger to AI; in fact, it's at the forefront of its adoption. To ensure consumers using these services are being protected, banks must continue to harness the power of AI to combat financial crime while fostering trust, transparency, and fairness in the process."
"While we wait for the CMA’s review to conclude, fraud and AML leaders should review their current AI practices and adopt a proactive approach that improves fraud detection and AML processes.”
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