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 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.

 

Published
2019/01/02
Deb Irving
David Dickinson

David Dickinson

David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.

He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.

David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.

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