Automated Anti-Money Laundering Monitoring and Artificial Intelligence

A Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing, was issued on December 3, 2018, to “encourage banks to consider, evaluate, and where appropriate, responsibly Deb11implement innovative approaches to meet their Bank Secrecy Act/Anti-Money Launder (BSA/AML) compliance obligations…”  The Agencies feel that the effectiveness and efficiency of BSA/AML compliance programs can be enhanced by adopting new technologies, such as artificial intelligence.


Banks must continue to meet BSA/AML compliance obligations with their existing programs while developing other innovative approaches.  Management should evaluate whether and when the innovative approaches are sufficiently developed to replace or augment the existing process(es).  The Agencies also encourage banks that are considering new technologies to contact their respective regulators to discuss the pilot programs and innovative approaches they are considering, to discuss expectations regarding compliance and risk management, and to clarify supervisory expectations.


Be sure to check out the January edition of our Banking on BCC Magazine for more on this.


Deb Irving

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