Using tech to modernise AML in the US


Modernising anti-money laundering techniques has become a key aim of businesses around the world. How has this been happening in the US?

In a recent presentation by Richard Berner, clinical professor of finance, co-director, NYU volatility and risk institute at NYU Stern, Berner discussed in detail how AML is modernising in the US market.

Berner asked the question – why do we need to modernise? He said, “Well, it’s pretty clear to all of us that our current approaches to limiting money laundering and financial crime are slow, inaccurate and costly, as well as being burdensome and they don’t get the job done.

“One might say the same thing about financial regulation generally, although we’ve had a lot more success there, having had more experience with it. But I think the message here is that globally, regulators and those they regulate will both win from fixing these issues.”

Berner also remarked that the industry has the capacity and is developing the tools and is starting to change the laws and regulations to make compliance and financial regulation and reporting faster, better and cheaper.

Where does the US market go from here in relation to anti-money laundering technology?

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The Professional RegTech Certificate course offers a comprehensive and practical exploration of Regulatory Technology (RegTech) for professionals working in the financial industry. With a focus on real-world applications, the course covers key topics such as the fundamentals of RegTech, adoption strategies for financial institutions, the regulators’ perspectives, data reporting, KYC and onboarding, anti-money laundering, cybersecurity, advanced technologies such as AI and ML, and specific legislations.

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