The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Treasury

Regulators need to step up on AML data sharing

In the second part of Euromoney’s focus on transaction monitoring, we look at the value of the financial intelligence being generated and how it can be shared more effectively.

data-sharing-monitors-city-world-binary-960.png

In addition to concern around the cost and operational performance of transaction monitoring systems, there are doubts as to whether the information generated is fit for purpose.

Feedback on effective suspicious-activity submissions is a concern for many regulators.

“The regulatory bodies receive millions of suspicious-activity reports annually and how that data is utilized plays a large role in how effective the fight against financial crime is,” says Ted Sausen, director and anti-money laundering (AML) subject matter expert at Nice Actimize.

“It is estimated that less than 2% of laundered money is identified and seized,” he adds. “On the positive side, technologies such as artificial intelligence and machine learning are being implemented to enable better detection.”

Current regulation focuses on simply having compliance teams in place to file suspicious-activity reports rather than on the quality of those reports. In addition, compliance teams are burdened by the large number of alerts and reports, and often are not able to do a deep-dive analysis.

Jose-Caldera-Acuant-960x746.png
Acuant chief product officer Jose Caldera

That is the view of Acuant chief product officer Jose Caldera, who suggests that focused analysis would yield more informative reports.

Suspicious-activity


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree