Fear of regulatory disapproval and data integrity concerns have kept some U.S. financial institutions from more fully incorporating machine learning and other artificial intelligence-based monitoring tools into their anti-money laundering programs, say sources.
Some of the country's largest financial institutions are increasingly seeking to hire more data analysts in efforts to make better sense and use of complex sets of transactional and customer information, say sources.
Dozens of technology-based financial services firms, or fintechs, are establishing robust anti-money laundering programs to boost their credibility with banks and avoid regulatory penalties, even as regulatory expectations for the industry remain uncertain, say sources.
Technology-based financial service providers are struggling to obtain accounts at global banks which, despite investing millions of dollars to develop the industry, remain skeptical of their ability to manage its risks, say analysts.
print