The financial services industry has experienced heightened regulation in recent years, bringing significant fines and penalties for non-compliance. As a result, financial institutions have invested significantly in AML procedures and technology to improve the way they monitor and investigate financial crime. However, such investments often result in significant technical debt and create data silos across the enterprise, resulting in fragmented processes and high rates of false-positive alerts.
Fragmented processes with manual hand-offs result in human error and make it difficult to enforce policies and procedures. Meanwhile, the sheer volume of alerts overwhelms investigation teams, increasing the likelihood that genuine cases get missed. Financial services institutions need to evolve their AML processes, and reduce institutional risk with a solution that can: