A proposal has been made to establish a regulatory safe-harbor under the Bank Secrecy Act for firms that responsibly use artificial intelligence (AI) to enhance anti-money laundering (AML) compliance programs. This initiative aims to improve transaction monitoring and suspicious activity report (SAR) reporting. The proposed safe-harbor would emphasize governance and outcomes, rather than imposing a uniform model on all firms, allowing for tailored approaches to compliance.
Proposed Safe-Harbor for AI in AML Compliance Under Bank Secrecy Act
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