Senate Banking Hearing
Combating Money Laundering and Other Forms of Illicit
Finance: Regulator and Law Enforcement Perspectives on Reform.
Background
Advising Congress on AI
The AI RegRisk Think Tank began in 2018 by advising Congress on modernizing anti-money laundering (AML) practices through artificial intelligence. In collaboration with the Senate Banking and House Financial Services Committees, we recommended AI-driven enhancements to detection, reporting, and compliance efficiency. These recommendations helped shape the COUNTER Act (H.R.2514), one of the most significant AML reforms in recent years.
This early success established the Think Tank as a trusted advisor on AI governance and regulation—laying the foundation for our ongoing mission.
COUNTER Act – H.R.2514 (116th Congress)
Congressional letter to FinCEN (3/26/2019)
2025
February, 2025
Engaged in NIST AI Safety Institute Consortium to develop AI Safety and Implementation Initiatives.
2024
November, 2024
Joins NIST's ARIA project to Assess Risks and Impacts of AI
August, 2024
Participates in Federal Reserve info sharing Recommendations Report to combat scams and fraud
2023
June, 2023
Think Tank members join the Federal Reserve Bank’s work-group on information sharing to define industry-wide protocols to combat fraud.
2022
March, 2022
Members of the Think Tank Participate in the FDIC / US Treasury Department’s competition on Digital Identity Proofing for Remote Customers, winning one of the three categories.
February, 2022
Federal Reserve publishes Synthetic Identity Fraud Mitigation Toolkit to support awareness and prevention efforts across the payments industry.
2021
September, 2021
The Think Tank advocates for a intelligence network that securely shares information about cyber-criminals across a network of participating institutions and government agencies.
2020
November, 2020
Info-sharing network is launched with support of the think tank. The anti-fraud platform is driven by machine learning and features PII-secure data sharing in a unique way for financial institutions, government agencies and regulators to collaborate on digital fraud.
October, 2020
The Federal Reserve appoints the Think Tank to the Synthetic Identity Fraud Focus Group.
September, 2020
The initiative provides comments on FinCEN’s Advance Notice of Proposed Rulemaking (ANPRM) to modernize the effectiveness and efficiency of anti-money laundering (AML) programs.
May, 2020
The initiative’s leadership is appointed to the Massachusetts FinTech Working Group’s Regulatory Innovation Workstream to engage with state-level regulators, including the Massachusetts Division of Banks, and advise on modernization of regulatory compliance.
February, 2020
The initiative brings together financial institutions, Federal Reserve and regulators to pilot collaborative AI solution for synthetic identity fraud detection. Treasury publishes 2020 National Strategy for Combating Terrorist and Other Illicit Financing including AI and Public/Private Collaboration
2019
October, 2019
The think tank briefs Department of Defense on terrorism financing via synthetic identity fraud House passes COUNTER Act HR 2514, including AI innovation Congressman Hollingsworth appointed to AI Task Force Federal Reserve Bank publishes second whitepaper on Detecting Synthetic Identity Fraud
September, 2019
Senate drafts ILLICIT Cash (S.2563) Act to improve laws relating to money laundering and financial crime including innovation The think tank welcomes Congressman Hollingsworth to a discussion on AI
July, 2019
Federal Reserve Bank publishes whitepaper on Synthetic Identity Fraud
June, 2019
Reps. Cleaver, Hollingsworth hold bipartisan briefing with FinCEN on use of Artificial Intelligence (AI) and Machine Learning (ML)
March, 2019
House Financial Services Committee sends letter to FinCEN on the use of collaborative AI to improve fraud detection House Financial Services Committee members send letter to FinCEN
2018
December, 2018
Federal Banking Agencies Issue Joint Statement Encouraging Innovative Industry Approaches to AML Compliance
November, 2018
Senate Banking Hearing on Combating Money Laundering and Other Forms of Illicit Finance. Think Tank prepares questions for Senate Banking Hearing on Combating Money Laundering and Other Forms of Illicit Finance
October, 2018
The think tank meets with members of Senate Banking and House Financial Services Committee to advise on AI for digital fraud detection. Federal agencies issue a joint statement on banks and credit unions sharing resources to improve anti-fraud efficiency and effectiveness
June, 2018
The initiative proposes the collaborative AI concept Senate Hearing proposes innovation to fight illicit finance with AI
February, 2018
The AI RegRisk® Think Tank is established to expand the use of AI in cyber-crime prevention.
Our authority is built on unparalleled, real-world experience.
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