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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...

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