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Last month, a bipartisan coalition of fourteen members of Congress signed a letter to the director of the Financial Crimes Enforcement Agency (FinCEN). The letter was led by Representative Trey Hollingsworth (R-IN) and Representative Emanuel Cleaver (D-MO) and sent to Kenneth Blanco, Director of FinCEN, encouraging the agency to incorporate AI into their enforcement activities and to further support financial institutions as they seek to collaborate in the use of AI in support of BSA/AML compliance.

 

“This is an opportunity for us to catch more bad actors with lower costs to businesses through this advanced technology, rather than continue with the same antiquated approach we have been using for the last 30 years,” said Rep. Hollingsworth, Vice Ranking Member of the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets.

“With virtual currencies, dark web marketplaces, and illicit technologies expanding to threaten citizens’ safety and hard-earned savings, it is imperative that our financial agencies evolve to address these new challenges,” said Rep. Cleaver, Chairman of the National Security, International Development and Monetary Policy Subcommittee. “I am eager to hear how FinCEN is using AI and machine learning to modernize its efforts to combat financial crimes because I know our adversaries will continue to modernize theirs.”

“Artificial intelligence has the potential to better identify bad actors in the financial system, but our outdated policies discourage the adoption of this promising new technology,” said Rep. Stivers, Ranking Member of the National Security, International Development and Monetary Policy Subcommittee.

We are grateful that the letter led by Congressmen Emmanuel Cleaver and Trey Hollingsworth, is achieving greater visibility for the value of AI to deter fraud, enhance compliance, and ensure more faith in the integrity of the financial system.