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December 03, 2018
Commentary by Steven Lofchie

Federal banking agencies urged banks to pursue innovative approaches to meeting Bank Secrecy Act/Anti-Money Laundering ("BSA/AML") compliance obligations. In a joint statement, the Federal Reserve Board, the FDIC, FinCEN, the National Credit Union Administration and the Office of the Comptroller of the Currency (the "agencies") stated that innovation - including the use of artificial intelligence, digital identity technologies and internal financial intelligence units - has the potential to augment banks' programs for risk identification, transaction monitoring, and suspicious activity