Potential applications of emerging technologies to anti-money laundering compliance programmes

Barrie Vanbrackle, Parag Patel and Victor Razon
Additional contact information
Barrie Vanbrackle: Partner, Latham & Watkins LLP, USA
Parag Patel: Partner, Latham & Watkins LLP, USA
Victor Razon: Associate, Latham & Watkins LLP, USA

Journal of Financial Compliance, 2023, vol. 6, issue 3, 248-258

Abstract: The potential applications of emerging technologies to anti-money laundering (AML) compliance programmes present a variety of benefits and challenges to financial institutions. Recently, technologies such as machine learning and natural language processing, biometrics, geolocation, and blockchain and smart contracts have shown tremendous potential to bolster the AML compliance efforts of financial institutions. However, the use of these technologies in AML compliance programmes of financial institutions present a number of challenges. This paper discusses these emerging technologies, the potential applications of such technologies to AML compliance programmes of financial institutions, and the associated benefits and challenges of these potential applications. This discussion is particularly important given increased regulatory scrutiny of financial institutions and their AML efforts in recent years.

Keywords: anti-money laundering; blockchain; artificial intelligence; biometrics; geolocation (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://hstalks.com/article/7662/download/ (application/pdf)
https://hstalks.com/article/7662/ (text/html)
Requires a paid subscription for full access.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2023:v:6:i:3:p:248-258

Access Statistics for this article

More articles in Journal of Financial Compliance from Henry Stewart Publications
Bibliographic data for series maintained by Henry Stewart Talks ().