News

At Industry Event, US Regulators Appear Open to AI-Based AML Programs

By Daniel Bethencourt

U.S. regulators on Monday signaled a new openness towards anti-money laundering programs that employ artificial intelligence, but advised financial institutions to implement any new technologies slowly. Concerns that federal banking supervisors may disapprove of AML programs that rely on machine learning and other AI tools to review transactions and parse out suspicious activity have kept large swathes of the financial services industry from more fully adopting them, ACAMS moneylaundering.com reported in June. On Monday, senior officials with the Office of the Comptroller of the Currency, Federal Reserve and other regulatory agencies said banks should consider running those technologies in parallel...

TO READ THE FULL STORY