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BUSINESS

Neurogine Group expects more AI application in financial industry

08/09/2022 03:30 PM

By Jailani Hasan

LABUAN, Sept 8 (Bernama) -- Neurogine Group expects to see more artificial intelligence (AI) and machine learning being applied in the financial industry, more so with the evolution of financial services being more infused with technology. 

Neurogine Group chief executive officer Owen Chen said Neurogine had already moved from the age of discovery to the stage of applying and implementing, with complex algorithms having been coded to help understand massive data sets and spot patterns. 

“We need to automate to cope with the volume of financial transactions, which is still increasing exponentially.”  

Such transactional increases also present an opportunity for financial crimes to expand,” he said on the second day of the 24th Malaysian Finance Association International Conference 2022 at Dorsett Grand Hotel here today.

Chen said Neurogine Group is firmly committed to taking the leap to develop and use AI to identify patterns red flagged as suspicious activities. 

“This includes transactional patterns that may be linked to human traffickers, distribution of illicit narcotics, terrorist payments and others.

“We call on regulators like the Labuan Financial Services Authority (Labuan FSA) to encourage licensed and regulated institutions to start considering the use of AI and machine learning to deter and counter financial crimes,” he said. 

Chen said this call was timely as the opportunity to apply AI to deter financial crime is available. 

“It specifically increases the effectiveness and efficiency of processes like onboarding, due diligence, investigation and risk management.

“It also has the potential to dramatically reduce operational costs and false positives in Transaction Monitoring (TM) systems and redirect resources to other areas,” he said.

Chen said systems infused with AI must be capable of performing link analysis, flag and suggest actions after identifying suspicious activities, crawl to gather and match data from websites, social networking sites and others. 

“These systems can be taught to identify known operating topologies and new behaviours as criminals and terrorists constantly innovate to remain hidden and deploy obfuscation methods to make their activities difficult to detect. 

“We need the support and confidence of regulators like Labuan FSA to experiment and innovate in a responsible manner… in order to remain globally relevant and competitive, we must evolve and embrace the use of AI and machine learning,” Chen said.

-- BERNAMA

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