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Data sharing, AI may be antidote to failing AML efforts

Joe Mont | January 17, 2018

Despite the United States’ prominence in the world of finance, its efforts to attack the root causes of money laundering are sorely lacking.

Suspicious activity reports, for example, are widely considered to be little more than very expensive busy work that, in a vacuum, rarely uncovers criminal activity.

In an age of political impasse, the need to update the Bank Secrecy Act and Anti-Money Laundering regulatory regimes has become a bipartisan cause. Among the ideas: resolving the privacy roadblocks to data sharing and using modern technology, including artificial intelligence and machine earning, to do the detective/grunt work.

To that end, Rep. Ed Royce (R-Calif.) introduced the Anti-Money Laundering Modernization Act of 2017 last September.

“Our nation’s anti-money laundering and countering terrorism financing regime has been a 40-year work in progress, and there is increasing...

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