White paper: Scalable, actionable anti-money laundering infrastructure
As global banking efforts result in a growing number of financial products, a renewed focus on local markets and increased integration between commercial and investment banking operations are occuring. At the same time, strong anti-money laundering (AML) mandates and regulations are changing the ways that banks manage their internal and external business processes.
Failure to adequately detect money laundering activities can introduce profound organisational risk, resulting in large fines, negative press, and severe reputational damage.
Banking IT organisations seek to satisfy new AML challenges efficiently, even as they address business needs for new functionality, better response times, and client flexibility. Technology advances such as cloud, big data analytics, and new middleware play an increasingly important role. To detect money laundering attempts, many financial firms are re-engineering their AML processes by:
- Scaling infrastructure to analyse a growing volume of transactions.
- Gleaning insights from existing long-term and real-time data sources while integrating new types of data, such as unstructured or semistructured data feeds.
- Dynamically creating and changing business workflows, policies, and procedures to meet evolving requirements.
- Providing easy-to-use dashboards that are accessible only by authorised personnel in multiple roles, including compliance officers, auditors, and government agencies.
- Building automated business processes that meet regulatory mandates and are transparent to business process owners, auditors, and regulatory authorities.
- Writing business rules that automatically trigger downstream workflows or investigations to save time and avoid errors.
- Implementing customer due diligence (CDD), enhanced due diligence (EDD), and universal beneficial ownership (UBO) policies that enable banks to better predict types of likely transactions.
- Integrating fraud detection with anti-money laundering (FRAML).
Open source AML solutions are an especially attractive and compelling alternative, offering lower costs, rapid technology evolution, and broad community-based innovation. Click here to read this free white paper to find out more.
