Fiserv: Getting SMART with Anti Money Laundering: Detection, Investigation and Reporting
Posted: 27 January 2014 | Source: Fiserv
Nine years after the passage of the Patriot Act, financial institutions are still challenged by Anti-Money Laundering (AML) compliance requirements. However, defeating increasingly more-sophisticated criminals and tactics with today’s slashed budgets makes it difficult for financial institutions to minimize risk.
Financial institutions have three distinct AML monitoring needs:
- The detection of the suspicious activity
- The subsequent investigation and processing of the case or alert
- Reporting to the regulator – if warranted
Point solutions for the various AML functions fall short of providing a holistic compliance view across channels and departments. To satisfy increasing regulatory demands, all of an organization’s AML self-monitoring and reporting tools (SMART) and technologies need to integrate with each other.