US to Explore Role of AI, Blockchain to Detect Illicit Financial Activities

The US Congress will hold a hearing on January 15, which will be titled ‘A Persistent and Evolving Threat: An Examination of the Financing of Domestic Terrorism and Extremism,’ with the participation of the Subcommittee on National Security, International Development, and Monetary Policy.

The hearing will tackle the increased threat of money laundering and terrorist financing activities.

Meanwhile, the Chairman of the subcommittee holding the hearing earlier introduced a counter act last year, which was passed at the House of Representatives and is currently in the Senate. The act demands carrying out legislative changes to make banks more accountable to the government in identifying illicit activity. It also calls for the exploration of artificial intelligence, blockchain and digital identity technologies to help the U.S. detect illicit activities.

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