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What do AML/BSA/CTF Regulators think of Machine Learning?

Prior to 2018, regulators resisted recommending the use of Machine Learning (ML) based Artificial Intelligence (AI) for AML compliance. There was a mindset shift in mid 2018 indicating that proceeding with caution in implementing AI approaches for AML is appropriate. Regulators realize the adoption of recent innovation, such as the use of AI-ML and robotic process automation (RPA) techniques, enables AML compliance improvements not otherwise attainable. A risk-based approach to compliance, underpinned by AI/Machine Learning, creates opportunities for governance and process refinement as well as identifying potential untapped revenues. Reliance on box-ticking approaches familiar to users of legacy rules-based compliance systems is no longer sufficient.

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Topics: machine learning, AML/BSA/CFT, regulatory compliance

What is Agile Compliance?

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Topics: risk management, regulatory compliance, agile compliance, AML/BSA/CTF

AML Failures can Kill Banks and Careers

Westpac Bank in Australia is facing one of its gravest crises from systemic AML/CTF failures over a 5-year period that contravened the AML/CTF Act on over 23 million occasions.

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Topics: risk manangement, machine learning, money laundering, AML/BSA, regulatory compliance, agile compliance, AML/BSA/CTF

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