AI and the future of BSA risk management

Banks have been using natural language processing and machine learning applications for years in managing their anti-money laundering and Bank Secrecy Act obligations. But how does the growing adoption of generative AI tools affect how BSA and fraud professionals protect their banks? On the latest episode of the ABA Banking Journal Podcast — presented by Agri-Access — former FDIC official Lisa Arquette shares a regulator’s-eye view of generative AI in the BSA world and how regulators have been approaching the technology for their own work.

Joined by ABA SVP Heather Trew, Arquette also discusses:

• The state of play on banks’ beneficial ownership reporting obligations.
• Other elements of implementing the AML Act of 2020.
• How regulators weigh AML/BSA performance when approving mergers and acquisitions.
• Fluctuations in AML/BSA compliance investments through the economic cycle.
• The low number (1%) of BSA-related examinations at the FDIC that result in enforcement actions.

Register for the ABA Financial Crimes Enforcement Conference, Oct. 14-16 in Arlington, Virginia.