Brighterion CEO: 2018, the Year of AI PYMNTS.com

Dr. Akli Adjaoute, CEO of Brighterion, wrote this AI-focused piece as part of our 2018 year-end eBook. On Dec. 3, 2018, the U.S. Treasury's FinCEN and Federal Banking agencies issued a joint statement encouraging innovative industry approaches to combating money laundering, terrorist financing and other illicit financial threats. As a result, anti-money laundering (AML) has been occupying the headlines as of late. The financial industry has paid $321 billion in fines just through the end of last year, as estimated by Boston Consulting Group. JPMorgan had to pay more than $2 billion in fines due to violation of the Bank Secrecy Act, tied in part to the infamous Bernie Madoff scheme.