Banks of all sizes are striving to meet compliance requirements across multi-jurisdictional regulatory landscapes, including the G7’s Financial Action Task Force (FATF) recommendations, the EU’s AMLD V and the FCA’s new OPBAS guidance. The latter has been set up to support institutions in their struggle to address money laundering. But given the number and size of recent fines and sanctions from multiple regulators, it’s clear that current strategy is failing…
The event centrepiece brings executive attendees together to discuss the biggest financial crime and AML challenges and looking at where technology might be well placed to help.
At present, 90 percent of the alerts triggered by daily transaction monitoring are false positives – a huge drain on resources in itself. This session provides both a technological and practical discussion of what’s available and currently possible from technological solutions, and what’s needed to advance it as a genuine solution to resource-hungry AML problems.
A key part of AML compliance is getting the Know Your Customer checks right, but building a complete picture of a client is complex. The real challenge lies in how to strike the right balance between technology and employee teams to ensure an efficient and compliant outcome.