The document provides “clear guidance” on how U.S. banks can use new technologies to bring effectiveness and efficiency to their AML programs, said James Heinzman, executive vice president for financial services solutions with big data analytics firm ThetaRay, a provider of AI technology. Institutions have hesitated to adopt AI for their AML programs “because of concern for how regulators would view this new technology,” Heinzman said.

Read more on Reuters Accelus here.