Financial Institutions Fears Of Artificial Intelligence

The Monetary Authority of Singapore (MAS) ordered BSI Bank Singapore to shut down recently on 24 May 2016. This serious action is due to their compliance oversight in money laundering which resulted in a criminal case. This is also a stark reminder of the compliance challenges that financial institutions are facing today. They had attracted millions of dollars of regulatory fines in the aftermath of the 2008 Global Financial Crisis. A distinguished law firm, Baker and McKenzie, commissioned a survey of 424 senior executives from financial institutions.