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.
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.