AFB Practice Roundtable: What is the Role of Generative AI in Tackling Financial Crime?

This in-person practice roundtable is an opportunity for members to join a discussion, facilitated by Promontory IBM, on the use of Generative AI to help banks tackle fraud and financial crime.

The discussion will focus on the benefits of using Generative AI to help banks with manual and costly onboarding and monitoring processes, including for Client Onboarding, Customer Due Diligence (CDD)/Enhanced Due Diligence (EDD) Narrative Creation and AML counterparty analysis.

In addition, there will be a proof-of-concept demonstration of IBM’s Narrative Assistant, which can help banks reduce the time spent on writing narratives for CDD/EDD and allow staff more time to focus on value added activities and meeting regulatory expectations.

AFB will circulate an agenda and a series of questions to attendees in advance which will be used to aid discussions. The Chatham House Rule will apply to this event to encourage open dialogue and discussion.

This roundtable is limited to 30 places and one person per member bank. We recommend booking early to secure your place.

Who should attend?

This in-person roundtable is aimed at MLROs and those working in Financial Crime Compliance functions.

What will members gain?

• An understanding of the challenges firms face in tackling fraud and financial crime, and how new technologies are used by firms to tackle these issues
• Knowledge on how to assess the business value of using generative AI through considering use cases, and discussing the potential for cost benefits/time saving benefits for compliance staff

Facilitators

Prashant Jobanputra, Managing Director, Promontory Financial Group (A Business Unit of IBM)

Prashant’s engagement work covers financial services sectors, including wholesale, retail, insurance, and financial management information systems. He has advised a range of clients on a variety of non-financial risk topics including operational risk, business, and IT resilience, third-party risk management, and wider IT risk compliance matters. 

Before joining Promontory, Prashant held a number of senior positions in the financial services industry and consulting. His work has spanned operational risk and control, MiFID, Basel framework, financial crimes, business information security officer, cyber threat, pandemic, and wider operational resilience strategy.  

He joined Promontory from IBM, where he was an executive partner leading the European risk and compliance practice, before leading the IBM acquisition team integrating and developing Promontory’s partnership with IBM in Europe. Prior to that, for a leading investment bank, he served as global head of operational risk and control for trust and security services; CIO global instrument reference data services and relocated to India as regional head of change for group technology. He began his career at PA Consulting Group and also spent time at Accenture as a manager in financial services, involving credit and operational risk projects, usually with complex technology-related business change delivery.

Tony Boorman, Managing Director, Promontory Financial Group (A Business Unit of IBM)

Tony heads Promontory’s CODA practice with Prashant and provides advice and challenge to Promontory’s clients across the financial services sector. His work includes advising firms on their governance and controls; reviewing and strengthening firms’ resilience and compliance cultures; and risk management frameworks. Prior to joining Promontory in 2015 Tony was acting CEO at the Financial Ombudsman and has over 30 years of board level experience of regulatory organisations in financial services.

Logistics

Cost:        Included in AFB membership (no fee)

Location: 20 York Road, London, SE1 7ND

Date:        Thursday 16 May 2024

Time:        08:30 – 10:30 (Arrivals and breakfast 08:30 – 09:00)

There will be ample opportunity for questions throughout the session, however, if you would like to submit a question before or have any specific questions or areas that you would like the session to address, please send them to the AFB at secretariat@foreignbanks.org.uk as soon as practicable. You will receive details on attending the session a week before the event.