Which AML detection methods?

Although many organisations in the private banking sector believe they have solutions that effectively manage their AML obligations, which are those that are exposed to the greatest risk of reputational damage if called-out by regulators?

 

We examine the state of investment in AML systems. Do behaviour-based approaches to managing AML rules provide more effective detection in this sector compared with traditional customer categorisations?

"Money laundering prevention is a challenge across the industry, and one which is instigating continuous innovation. However, with only just over a third of money laundering being uncovered in the private banking sector, we’re seeing a strong desire and impetus to do more in this space. It’s possible that much of the technology used here is outdated or not specifically designed for private banking workflows, where there are particular customer nuances and money laundering challenges,” Charmian Simmons, Financial Crime and Compliance Expert, BAE Systems Digital Intelligence

In this report you will learn:

 

  • What Private Banks and Wealth Managers consider in terms of the priority money laundering threats


  • How are organisations in the sector managing money laundering risk? 


  • Technology approaches and the impact on effective money laundering detection

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