A new high-tech era for US AML compliance
Jo Ann Barefoot from the Alliance for Innovative Regulation (AIR) explains how the emergence of regtech companies that provide data-driven solutions to implement the 2020 anti-trafficking law in the US can be new AML tools. More than half a century ago, the US Congress passed the Bank Secrecy Act (BSA) to regulate how banks, regulators, and law enforcement agencies deal with financial crimes. Financial institutions have spent the intervening five years seeking to comply with its anti-money laundering (AML) regulations. Unfortunately, their efforts yielded little success. The United Nations estimates that less than 1 percent of the world’s illicit moneyRead News