Five financial regulatory bodies urged covered entities to explore innovative compliance approaches pertaining to Bank Secrecy Act/anti-money laundering (BSA/AML) requirements in a joint statement to industry participants.
The statement focuses on ways banks and credit unions can utilize existing tools, as well as new technologies – such as artificial intelligence – to identify and report money laundering, terrorist financing and other illicit financial activity.
Find out what the agencies are doing to facilitate such innovation and what recommendations the industry has offered.