FinCEN on AML/CFT Regime of UK and the Role AI-powered AML Solutions Play in It

In the ABA/ABA FinCEN (Financial Crime Enforcement Network) conference 2019, the acting director Ken Blanco discussed the introduction of new divisions for transforming the current AML/CFT regimes in the UK. There were entire new divisions of enforcement and compliance along with global investigations to restrict financial crimes. Until now the current Anti-Money Laundering (AML) landscape was struggling to gain some form of momentum. However, with the implementation of the recent Anti-Money Laundering Act 2020 and AML solutions with integration of AI and ML, hopefully, 2022 will be remembered as a year proven to be a turning point for financial institutes. It is surprising to note that in the year 2020, banks from all over the world paid a total of $15.13 billion dollars and the US held the first rank in those AML fines, a sum of $11.11 billion was paid.