US Treasury’s Plan to Strengthen Regulations on Virtual Assets and Enhance Utilization of Artificial Intelligence

In an effort to promote responsible technological advancement and address the risks associated with illicit finance, the Treasury has put forth a comprehensive plan. This plan aims to foster greater inclusivity within the financial system and combat the practice of derisking, which involves denying small banks in high-risk areas access to correspondent services. It is important to note that derisking not only adversely affects law-abiding individuals who rely on banking services, but also encourages the adoption of alternative payment and remittance solutions that are not reliant on traditional banking methods.