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

Author

Listed:
  • Vanbrackle, Barrie

    (Partner, Latham & Watkins LLP, USA)

  • Patel, Parag

    (Partner, Latham & Watkins LLP, USA)

  • Razon, Victor

    (Associate, Latham & Watkins LLP, USA)

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.

Suggested Citation

  • Vanbrackle, Barrie & Patel, Parag & Razon, Victor, 2023. "Potential applications of emerging technologies to anti-money laundering compliance programmes," Journal of Financial Compliance, Henry Stewart Publications, vol. 6(3), pages 248-258, March.
    • Handle: RePEc:aza:jfc000:y:2023:v:6:i:3:p:248-258
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    More about this item

    Keywords

    anti-money laundering; blockchain; artificial intelligence; biometrics; geolocation;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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