Artificial intelligence is one of the biggest buzzwords in the anti-money laundering (AML) community. Some BSA professionals are excited for the promise of added security around transaction monitoring and fraud, while others are worried about the lack of security it provides their jobs.
The Financial Crimes Enforcement Network (FinCEN) understands the importance of utilizing technology in AML to better prevent bad actors from profiting off their illicit gains. In December 2018, FinCEN released the Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing. It outlined the importance of financial institutions to use “innovative approaches” including artificial intelligence and other new technology to enhance their AML programs.