Financial Institutions are a critical gateway in the fight against many forms of criminal activity. In theory, they are well-placed to spot not just the proceeds of criminal activity but the payments that fund it. But in practice a patchwork of local Anti-Money Laundering regulations creates jurisdictional and logistical problems for FIs while budget constraints, excessive workloads and legacy AML systems also hamper banks’ ability to adapt to the patterns and methods of modern financial criminals.
An Evolving Landscape
Technological advancements used by criminals have highlighted the efficiency and effectiveness of in-house AML programmes built by FIs. What model can FIs adopt to deliver solutions to challenges that span regulatory jurisdictions? How can FIs maintain efficient and effective AML systems in the face of the digitisation of products and asset classes and more complex payment rails?
This deep dive will explore the nuances of AML compliance and provide a forum for financial crime practitioners to deliver assured AML solutions that go beyond regulatory compliance.