The European Union has taken a significant step forward in its efforts to combat money laundering and terrorist financing with the introduction of its new Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) package.

Widespread and rapid technological development has seen explosive growth in the deployment of Artificial Intelligence (AI) in markets across the globe. AI is becoming an instrumental part of human society, revolutionizing many aspects of life. With the many benefits AI provides, there is also a risk that the technology could produce unintended harms or be used in negative, or even unlawful ways.