U.S. Bank Regulators Encourage Innovation in the Fight Against Financial Crime
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The U.S. federal banking regulators issued a joint statement on December 3, 2018, encouraging banks to consider innovative approaches — which may include artificial intelligence and digital identity technologies — to strengthen their AML compliance. While individual regulators have voiced their willingness to consider these approaches in one-on-one meetings with banking organizations, this public announcement is a significant step forward, providing U.S. banks the advocacy we have seen in other regions of the world for some time.
Read this article to learn more about this statement and what it means not just for individual banking institutions, but for the financial services industry as a whole.