Reported by United States Senate (Excerpt shared below. To real full report and copy of legislation, go to: https://www.banking.senate.gov/newsroom/majority/chairman-scott-senator-kennedy-introduce-bill-to-modernize-the-bank-secrecy-act and https://www.banking.senate.gov/imo/media/doc/streamline_act_bill_text_final_draft_jn9mkhf4cccp.pdf) Senate Banking Committee Chairman Tim Scott (R-S.C.) joined Senators John Kennedy (R-La.), Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Katie Britt (R-Ala), Pete Ricketts (R-Neb.), and Bernie Moreno (R-Ohio) […]

Reported by Bank of Singapore (Excerpt shared below. To read full report, go to: https://www.bankofsingapore.com/media-releases/2025/bank-of-singapore-deploys-agentic-ai-tool-to-automate-writing-of-source-of-wealth-reports.html) Bank of Singapore has rolled out an agentic AI-powered tool that automates a key part of the Know-Your Customer due diligence process to ensure the legitimacy of clients’ wealth and transactions. With the use of the tool, Source of Wealth […]

Reported by Abbinaya Kuzhanthaivel (Excerpt shared below. To read full report, go to: https://www.itnews.asia/news/bank-of-singapore-deploys-ai-to-automate-kyc-process-621076) Bank of Singapore has launched an agentic artificial intelligence (AI) tool to streamline the process of verifying the legitimacy of clients’ wealth, a key step in Know-Your-Customer (KYC) due diligence.  The bank said the AI tool – Source of Wealth Assistant […]