In the UK for every for every £1 caught by AML regulation, £999 is successfully laundered. It’s clear the current ways firms screen and monitor their customer relationships to prevent money laundering and terrorist financing isn’t working. Stephen Ball, VP of Sales & Marketing at Comply Advantage talks to FinTech Finance about the minefield of AML compliance and how to cross it using regulatory technology (RegTech).
He argues that:
- Compliance departments are faced with an ever-changing regulatory landscape in multiple jurisdictions and increasingly sophisticated criminals.
- Legacy systems with insufficient static data sets are not fit for purpose, often generating hours of manual work.
- Artificial Intelligence and Machine Learning are ideal technologies for streamlining compliance as it allows compliance professionals to automate manual, low level and time-consuming tasks, whilst reducing false positives and the chance of human error.
Click here to read the article in full and learn how ComplyAdvantage is helping firms to improve their AML compliance, increase automation and ultimately prevent financial crime.