AML and Innovation – Opportunities and Challenges

In her speech at the European Anti-Financial Crime Summit 2025, Patricia Dunne highlights the contrast between the enduring drivers of financial crime and the rapidly evolving methods enabled by technological advances such as generative AI. She points out that while digitalisation and new technological tools can enhance efficiency in AML/CFT practices, they also introduce significant risks if misused. Dunne details the Central Bank of Ireland's shift toward a more integrated, whole-of-sector supervisory framework and the launch of its first innovation sandbox, aimed at fostering collaborative solutions to detect and disrupt financial crime. The speech stresses that effective regulation involves balancing technological progress with robust risk management, human oversight, and cooperation among all stakeholders.