News

Regtech Enthusiasts Want Uniform AI Standards, Patriot Act Expansion

The U.S. Treasury Department must ensure that the financial services industry's deployment of artificial intelligence against money launderers and terrorist financiers aligns with the Commerce Department's standards for using the technology, attorneys and other commenters advised. Treasury has published 72 of the 85 comments submitted in the nine days since requesting input on how fintechs and mainstream financial institutions alike can best use AI and three other recent innovations—application program interfaces, or APIs, digital identity verification, and blockchain technology and monitoring—to detect and combat illicit finance. The Federal Money Services Business Association, a trade group in New York, responded to...

TO READ THE FULL STORY
Subscribe Learn More