The U.S. financial intelligence unit is developing several pilot projects that would allow financial institutions to experiment with novel approaches to anti-money laundering compliance, a senior official said Thursday, but limited staffing and resources have delayed the bureau's plans. The projects would function as regulatory "sandboxes" for financial institutions to test ways in which artificial intelligence, machine learning and other new technology may advance how they vet clients, detect and report suspicious funds, protect sensitive data and assess their exposure to financial crime, Him Das, acting director of the Financial Crimes Enforcement Network, or FinCEN, told attendees of the virtual...
The U.S. Treasury Department plans to formally seek public feedback on a new regulatory-relief program within the next six months, a senior official said.
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