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38 P E E R T O P E E R : I L T A ' S Q U A R T E R L Y M A G A Z I N E | S P R I N G 2 0 2 4 and data privacy. HPE amassed telemetry from nearly four million network-managed devices and over one billion distinct customer endpoints, fueling the ML models for predictive analytics and recommendations. The result? Complementing existing ML-based Gen AI across the platform to deliver deeper insights, enhanced analytics, and proactive capabilities. The more data it consumes, the better trained the Gen AI systems become. Integrating the risk assessment, monitoring, investigative, and due diligence processes, as HPE has, shows Gen AI serving as an agent of change to break down silos and provide a more contextual basis for determining risk and detecting suspicious activity. Global Applications of Gen AI in Payment and AML Efforts to combat money laundering globally have led to the development of numerous international, regional, and local regulations and directives. These efforts aim to protect the integrity of the global financial system and address the pervasive threat of money laundering and terrorist financing. The European Union, for example, has implemented AML and countering the financing of terrorism (CFT) laws that outline the responsibilities of financial institutions, including KYC verification, transaction monitoring, identification of politically exposed individuals, and reporting of suspicious activities to authorities. Establishing specialized Financial Intelligence Units (FIUs) worldwide demonstrates governments' collaborative approach to combat money laundering. FIUs are crucial in analyzing suspicious activity reports from financial institutions and coordinating with relevant authorities to investigate and prosecute money laundering and financial fraud cases. At the international level, the Financial Action Task Force (FATF) is an independent body responsible for developing and promoting policies to safeguard the global financial system against money laundering and terrorist financing. FATF's recommendations set global standards for AML and CFT practices, with each member country required to identify risks, implement preventive measures, and enhance transparency and international cooperation. Regional and national initiatives also complement global efforts in combating money laundering, like the Japanese Society for Artificial Intelligence's Ethical Guidelines, which created a proposal for federal algorithmic auditing (and was later adopted by the US Senate Intelligence Committee). The European Union's General Data Protection Regulation (GDPR) and the latter's subsequent AI Act set ethical standards and data governance principles for Gen AI, ensuring unbiased decision-making, and protecting individual privacy rights. The GDPR began running studies on the impacts of Gen AI in 2020. The EU Council and Parliament struck a deal on the first rules for Gen AI F E A T U R E S "The more data it consumes, the better trained the Gen AI systems become."

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