Banks Can Expect Return to Strict Oversight of Anti-Money Laundering Rules

Marc-Alain Galeazzi spoke to S&P Global Market Intelligence about how banks should expect regulators to ramp up enforcement of anti-money laundering rules as the U.S. emerges from the COVID-19 pandemic.

According to Marc-Alain, regulators gave banks more leniency in certain routine areas during the pandemic, such as updating or implementing new systems or technology, but not in other more serious areas such as outright violations.

He also noted that banks need to make sure artificial intelligence works as intended and that the technology’s decisions do not end up being biased based on race or other factors as it learns and sends alerts about suspicious activity.

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