Anti-Financial Crime & Financial Crime Compliance
Regulatory Intelligence Leadership | Insight | Network

AI, AML, Banking, Compliance, Financial Crime, Financial Services, News, Regulatory, Technology, US

INSIGHT: AI can help tackle ML, lower transaction costs but comes with ‘significant risks,’ warns Yellen

AI: Secretary Janet Yellen said the Treasury was in regular communication with regulators about the use of AI to mitigate illicit finance risks, including money laundering, terrorist financing and sanctions evasions.

By AML Intelligence Correspondent THE US Treasury Department is communicating with financial regulators on their AI-related efforts to tackle money laundering, Secretary Janet Yellen said today (Wednesday). She also revealed that AI-related risks have moved towards the top of the various regulators’ agendas. While AI had the potential to cut transaction costs it carried significant…

AML Intelligence
Subscribe now to have unlimited access

With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!