The U.S. Treasury has utilized artificial intelligence to recover $4 billion in fraud and improper payments during the 2024 fiscal year, a significant increase from $652.7 million the previous year. This technology, which began implementation in late 2022, enhances fraud detection by identifying hidden patterns and anomalies in vast data sets. The Treasury, managing approximately 1.4 billion payments worth $6.9 trillion annually, plans to further expand AI use to combat financial crimes.
read moreAdeyemo
0 posts last weekAI’s Impact on Financial Industry and Cryptocurrency Regulation
Cryptocurrency is increasingly being used by malicious actors, including terrorist organizations and adversarial nations, to hide their identities and move resources. The U.S. Treasury Deputy Secretary testified about the challenges of illicit crypto financing, while concerns about ties to illicit finance are deterring major investors from entering the cryptocurrency space. Additionally, the impact of AI on the payments industry is highlighted, with companies like Visa and American Express leveraging AI to prevent fraud and drive organizational changes.
read moreUS Deputy Treasury Secretary Calls for Increased Enforcement Authority
US Deputy Treasury Secretary Adewale Adeyemo urged the Senate Banking Committee for increased enforcement authority to combat illicit funding through cryptocurrency. He proposed three changes, including implementing secondary sanctions on foreign digital asset providers involved in illegal funding, and emphasized the need for more enforcement authority due to the use of cryptocurrency by terrorist organizations and other threats to national security. The Treasury’s objectives were endorsed by the chair of the Banking Committee, Sherrod Brown, while the ranking member, Tim Scott, focused on foreign policy matters threatening US security. [_blank](Source)
read moreBipartisan Efforts for Cryptocurrency Regulation in the United States
Senator Tillis advocates for a balanced regulatory approach to the cryptocurrency industry, aiming to foster growth while preventing illicit financing. Bipartisan agreement exists on the need for comprehensive crypto regulations, with a focus on anti-money laundering and know-your-customer standards. Deputy Treasury Secretary Adeyemo proposes expanded powers to tackle illicit crypto financing, emphasizing the necessity of legislative changes to strengthen the Treasury’s ability to identify and punish exchanges of illicit funds.
read moreUS Treasury Seeks Enhanced Powers to Combat Illicit Crypto Transactions
The US Treasury Department is seeking expanded powers to combat illicit finance involving cryptocurrencies, citing national security concerns. Deputy Secretary Adewale O. Adeyemo highlighted the challenges of tracing illicit crypto transactions and urged lawmakers to authorize sanctions against foreign digital asset providers facilitating illicit finance. Despite regulatory scrutiny, there are instances of collaboration between the crypto industry and authorities to prevent criminal activities and promote a safer ecosystem.
read more