Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Regulators give nod to AI, emerging tech for AML programs

Joe Mont | December 5, 2018

With what has the potential to accelerate and expand the use of emerging technologies—including artificial intelligence, machine learning, and robotic process automation—federal banking regulators and the Treasury Department's Financial Crimes Enforcement Network have issued a joint statement intended “to encourage depository institutions to consider, evaluate, and responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering compliance obligations.”

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, FinCEN, the National Credit Union Administration, and the Office of the Comptroller of the Currency recognized “that private-sector innovation, including adopting new technologies and finding new ways to use existing tools, can help banks identify and report money laundering, terrorist financing, and other illicit financial activity.”

“New technology, such as artificial intelligence and...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.