This Point of View outlines why financial institutions should rethink their approach to AML transaction monitoring to increase the effectiveness of their programs and reduce their mounting costs, while still meeting evolving regulatory requirements. Institutions should consider AML transaction monitoring programs holistically on an end-to-end basis, and structure them with a view to actively target the AML risks they are facing. Together with the use of more sophisticated analytics and advanced technologies, this will enable a better understanding of threats, rigorous prioritization of efforts, and structuring of appropriate approaches to prevent and identify actual money-laundering activity in the fight against financial crime.
As the global volume of transactions continues to increase and money laundering techniques become ever more sophisticated, financial institutions face fundamental strategic, methodological and operational challenges with regard to anti-money laundering (AML) transaction monitoring. These derive largely from process inefficiencies and ineffective methods, and ultimately impact confidence in current AML programs.
Related Insights
-
Insights Navigating the Present and Transforming for the Future Interview with Rui Barbas, Chief Strategy Officer at Nestlé USA -
Insights Applying The Urgency Of Solving COVID To Climate Change As we emerge from COVID-19, let’s harness the necessary spirit of collective endeavor in our fight for a cleaner, greener and more prosperous future. -
Podcast Hydrogen For The Long Haul What possible solutions are there to reduce emissions or de-carbonize road transport? -
Insights Turning A Crisis Into A Catalyst For Change Ferran Reverter Planet is Chief Executive Officer of the MediaMarktSaturn Retail Group, Europe’s leading consumer electronics retailer.