Nasdaq's Adena Friedman details steps to reduce financial crime

A Wall Street executive has a three-point plan for regulators to consider to help banks tackle financial crime.

The exchange operator is"challenging the regulators" to think of different ways to help firms in that fight, she added.a little over two years ago"Criminals don't just bank in one bank," she said, adding that pooling of information can help firms suss out patterns of bad behavior across different systems.

"You're basically maintaining the integrity of the privacy while still being able to leverage the right amount of data in an encrypted fashion to root out the criminals," she added. "We want to engage with the regulators to say, 'What's the next generation of AI going to do that's going to make it even more effective? And, therefore, maybe it's not totally explainable, but you understand we're using it for the right purpose,'" she said."And so changing the regulatory, I would say, process around the use of AI is going to be an important next step for every industry and certainly for the financial industry.

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