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.
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