ACFCS on 1st August reported that the US Treasury had released a report identifying improvements to the regulatory landscape that will better support nonbank financial institutions, embrace fintech and regtech ventures and foster broader innovation in terms of financial services, AML compliance and cybersecurity.  The article says the report touches multiple times on AML programmes, chiefly related to how machine learning and artificial intelligence (AI) could improve transaction monitoring surveillance to more quickly sniff out potential money laundering, frauds and illicit schemes – and strengthen and streamline regulatory exams.

A factsheet summarising the report can be accessed at –

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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