A milestone has been reached in modernizing financial crime detection! On October 29, The U.S. House of Representatives passed the “COUNTER Act” Bill which requires the U.S. Treasury Financial Crimes Enforcement Network (“FinCEN”) to undertake a study on various modernization facets of Anti-Money Laundering under the Bank Secrecy Act (BSA/AML).
We are excited to have played a part through our Boston AI Think Tank in advising members of the U.S. Senate Banking and House Financial Services Committees on the use of innovative technologies like Artificial Intelligence to improve financial crime detection and compliance reporting.
The Bill requires FinCEN to reply to Congress within 6 months on how they plan to improve BSA/AML with tech innovations, including a feedback-loop for information sharing in a public-private partnership.
Early adopters, industry leaders and regulators are proving machine-learning algorithms are the future for BSA/AML processing because of their speed, accuracy and reduction of false positives and reputational risk.
It is an exciting time for industry to see progress with Congress and regulators!