Financial crimes are not victimless. Money laundering funds terrorism. It enables trafficking of illegal arms, drugs, endangered wildlife and human beings. It undermines democracy by helping corrupt government officials cover up bribes. This is an asymmetrical war with criminals using high-tech methods to hide money while the financial industry and authorities still rely on mostly analog technology. The UN estimates a 99% failure rate in finding these crimes. AIR helps governments, banks and technology firms develop and deploy regtech new tools to turn the tide.
Depending on how it is used, digital technology can either worsen race and gender bias in financial services, or combat it. AIR spearheads initiatives to promote women’s economic empowerment, and works with partners to help Minority Depository Institutions (MDIs) remain competitive as they fulfill their mission to serve African-Americans and other communities of color.
Digital financial markets require digital oversight. Regulators need much more data, much timelier data and AI-based analytic tools just to keep pace with the explosive changes underway in financial products, services and infrastructure. Like the industries they supervise, they need to transform their technology for the digital age.
AIR helps educate the regulatory ecosystem on technology change and helps governments convene TechSprints and pursue other initiatives to advance Regulatory Technology (RegTech) and Supervisory Technology (SupTech) solutions.
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