The Spanish AI Agency will be responsible for the development, supervision, and monitoring of projects within the framework of the National AI Strategy, as well as the projects promoted by the European Union – in particular those related to the regulatory development of artificial intelligence and its potential uses. Although the specific competences of the Spanish AI Agency have not yet been specified (since the creation of the body must be approved by law), we will keep a close eye on these developments, considering the high penalties foreseen under the AI Regulation and the supervisory powers that could be granted to this new authority.

These developments are a natural outcome of the growing costs, inefficiencies, and sub-optimal outcomes plaguing AML operations at most banks. Regulators and supervisory agencies have started to take note and share generally positive views and feedback. A recent joint statement from supervisory agencies in the US is being regarded to be a catalyst for further promoting innovation and expediting adoption of AI and ML solutions in AML. There is great appetite among industry participants to learn about live use cases of AI being applied in AML, as well as the challenges and considerations when operationalizing AI. In a recent Celent report we analyzed in detail live AI solutions from eleven vendors representing a good mix of incumbent providers and industry newcomers, as well as a mix of solutions that span different parts in the KYC-AML value chain.