The ever-evolving landscape of anti-money laundering regulations
Written by Quantexa
Published: 13th Oct 2020
The past few years have seen a significant rise in regulatory pressure on financial institutions (FIs) and an increase in AML enforcement actions for non-compliance with anti-money laundering regulations. As a result, FIs are being hit with large fines when money laundering risk has been missed. Even as FIs have increased investment in AML compliance, many are unable to sustain effective AML programs due to using existing rules-based technology.
The consequences for AML deficiencies are severe, causing FIs to suffer from harsh fines, diminished market value, reputational damage and a loss in investor confidence. Repairing these losses can take significant time, money and resources.
As FIs play a huge role in helping prevent financial crime, they must consider the new and emerging technologies available that can improve AML risk management and enable greater compliance with anti-money laundering regulations. By implementing innovative approaches, FIs will be equipped to deliver greater intelligence that can effectively and efficiently combat money laundering crime.
This infographic provides a snapshot of AML enforcement actions in 2018-2019, frequent AML compliance deficiencies, regulations around the globe and recent innovations in AML technologies:
As the volume and speed of activity of FIs across the globe continue to expand, transparency and effectiveness of AML compliance is more important than ever. Resultantly, the repercussions of non-compliance with anti-money laundering regulations is greater than ever. In April 2019, one of the largest fines to date of $1.3 billion was enforced.
It is clear that FIs must consider the solutions available to improve the effectiveness of AML compliance and processes. Emerging AML technologies automate lengthy manual processes and improving the overall analysis of risk.
You may be interested in…
Raising the Bar of AML Detection and Investigations with Contextual Decision Intelligence
Financial institutions across the globe are facing increasing and evolving money laundering and financial crime threats. Regulators have imposed a […]
7 Steps to Maximize the Value of Your Data with Contextual Decision Intelligence
How to Generate Commercial Value Through Customer Intelligence
Customer intelligence is critical for business success. Learn how to harness the power of customer context to generate commercial value.
Using Contextual KYC to Better Understand Your Customers
With laborious onboarding, refresh and remediation processes, the challenge of KYC compliance is continuously growing. Find out how a contextual approach helps you to reduce the time and cost of KYC by increasing automation and leveraging decision intelligence for continual monitoring.
IDC: Achieving Greater Business Value Through Data Using Decision Intelligence Based on Context
Download the topline Infobrief from IDC, which introduces their latest research and analysis on how companies can successfully build contextual data platforms to extract significant business value.
Raising the Bar of AML Technology at HSBC with Contextual Decision Intelligence
In this webinar, leaders from Quantexa, Aite Group, and HSBC explore next generation AML technology and how organizations can transition away from manual processes and legacy systems.
Reveal hidden risks and detect criminal activity faster. Reduce false positives to manage the cost of compliance. And improve investigations to make faster and more consistent decisions at scale.
Identify potentially fraudulent activity by looking at people or transactions in isolation. Understand the context surrounding the organizations you do business with to make fast, accurate decisions.
Understand your customers, their business structures and supply chains. Make better lending decisions, faster. And support digital risk transformation.
Know Your Customer
Reduce significant manual effort across onboarding, refreshes and remediation. Automate checks, implement continuous monitoring, and focus on contextual decision making.
Generate a complete view of the context around your customers and prospects to build better relationships, reduce attrition and find hidden opportunities.
Master Data Management
Connect all data—internal and third party—to create a joined-up, contextual view of all the relationships between your customers and every other domain.
See how we help to reduce costs and improve coverage for financial crime compliance.
See how our platform uses contextual analysis to turn data into a high value asset.
See how our platform uses financial crime technology to enhance your existing IT ecosystem.