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 implement 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 joined Banker’s Compliance Consulting with twenty years of experience in the banking industry. Her past positions include teller, credit review analyst, assistant financial officer, BSA Officer, Compliance Officer, and Director of Compliance. She has worked for both a small community bank and a large billion-dollar bank.
Deb has Associate Degrees in Business Management and Accounting. She is a graduate of the American Bankers Association National Graduate School of Compliance Management, an honors graduate of Schools of Banking Compliance School, and a graduate of Schools of Banking Advanced School of Banking. Deb’s considerable knowledge and experience make her a valuable member of the Banker’s Compliance Consulting Team. Deb is a Certified Regulatory Compliance Manager (CRCM) and a Certified Anti Money-Laundering Specialist (CAMS).
Deb loves to spend her free time cycling, running, kayaking and weight lifting with her husband. Between them, they have three adult children and six grandchildren. Other interests include anything outdoors and anything she hasn’t done or seen yet!