The Basel Committee on Banking Supervision released an AML/CFT supervisory news release.

The Basel Committee on Banking Supervision has released its latest communication on the supervision of anti-money laundering and counter-terrorist financing (AML/CFT), which includes content on risk assessment data collection and methods, as well as the application of artificial intelligence and machine learning in transaction monitoring.

Why it matters. Financial institutions and regulatory authorities will adjust their anti-money laundering and counter-terrorist financing strategies in accordance with these updates.