Three things are making the struggle against money laundering more difficult. Transaction volumes are rising, launderers are adapting their tactics, and regulators are insisting on more detailed Suspicious Activity Reports (SARs) from institutions. Combined, these ratchet up the pressure on financial institutions to submit more reports, while the number of false alarms surges skyward.
The good news is that there are a number of short and long-term approaches you can take to address this problem. Read this report – part of our Banking Insights series – to learn how a shift to intelligence-led Anti-Money Laundering (AML) could help you reduce the volume of false positive alerts.
Stephen Blackburn is a Senior Financial Crime Consultant at BAE Systems Applied Intelligence. He works with financial institutions in retail, commercial and investment banking, applying his knowledge of Financial Crime solutions together with experience in the banking business to help tackle the challenge of remaining compliant in an increasingly complex regulatory landscape.
Stephen is a Certified Anti-Money Laundering Specialist (CAMS) with a decade of experience in AML transaction monitoring. Over the last 20 years he has also been involved in Sanctions and PEP screening, payment filtering, Know Your Customer (KYC) and Customer Due Diligence (CDD).