Just as consumer technology is constantly evolving, anti-money laundering systems could advance and play a more significant role in the fight against financial crime, regulatory officials said at a compliance conference this week in Washington. Money laundering risks posed by new technologies such as digital currencies mean the future of Bank Secrecy Act (BSA) compliance "will be even more challenging," Comptroller of the Currency Thomas Curry told the meeting. However, he said,"the same technologies that can be exploited for illicit purposes can also be employed to combat money laundering, terrorist financing, and other forms of illicit activity," "Perhaps the time has come to explore these sources of technology as a means of providing more accurate, timely, and better information to law enforcement and regulators, and to reduce the significant costs and burdens imposed on banks and other financial institutions," Curry said in a speech to the group on Sunday. Daniel Stipano, deputy
↧