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Yesterday, the USA's Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking(ANPRM) to solicit public comment on a wide range of questions pertaining to potential regulatory amendments under the Bank Secrecy Act.

In the past few days, the US Immigration and Customs has had the third major IT failure in two years. When you read of a "US government shut-down," this is not what one expects. It's not the only US Government department to go dark. And it carries lessons for all of those rushing to bring NewTech online before it is proven.

CoNet Section: 

A financial adviser has closed its "artificial intelligence" driven advisory system. The quality of advice and the supervision of the system were both causes for concern by the regulator in a landmark case about the deployment of computer-driven, what used to be called "expert", systems with implications across the entire spectrum of financial and other services including customer due diligence in relation to financial crime risk management. It's a potential game-changer for the rapid rise of lightly regulated fintechs.

BIScom Subsection: