When Congress passed the AML Act of 2020 in January of 2021, it was stated that FinCEN would have the authority to "streamline, modernize, and update the AML/CFT regime of the United States." As financial criminals have evolved, so has the fight against them. The increasing use of artificial intelligence — or AI — in the fight against financial crime has spurred the adoption of the term FRAML, the intersection of fraud and anti-money laundering.
New and innovative solutions are being developed in the industry, both addressing existing weak spots in traditional Fraud and Anti-Money Laundering solutions and shoring up defenses to adapt to evolving criminal behavior.
Gain insight into how the evolution on both sides of the FRAML fight is leading to a future powered by AI — and discover how to effectively battle financial crime with a combination of traditional tactics and modern, AI-based tools.