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:

anti-money laundering regulations infographic

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.

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