Regulators give nod to AI, emerging tech for AML programs

With what has the potential to accelerate and expand the use of emerging technologies—including artificial intelligence, machine learning, and robotic process automation—federal banking regulators and the Treasury Department’s Financial Crimes Enforcement Network have issued a joint statement intended “to encourage depository institutions to consider, evaluate, and responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering compliance obligations.”