Anti-money laundering (AML)

AML compliance is one of the most costly and challenging issues facing the industry today. We’re working with our community to identify risks, strengthen procedures and improve efficiency.

AML and correspondent banking

Anti-money laundering (AML) is an important tool in the fight against financial crime – but it’s also an area that brings major challenges, particularly for correspondent banks.

The processes involved in identifying illicit transactions are time-consuming, inefficient and often based on outdated technology. Many of the AML monitoring systems used by correspondent banks were originally developed for retail banking, so are not equipped to deal with the complexity of correspondent banking.

And although the industry is spending billions of dollars on AML – with banks filing millions of suspicious activity reports (SARs) – very few illicit flows are blocked in practice. It’s clear that more information needs to be shared between governments and financial institutions if AML measures are to succeed in tackling financial crime.

Overcoming AML challenges in correspondent banking

Find out how our Compliance Analytics solutions can help you leverage your SWIFT message data to support financial crime compliance, and strengthen your correspondent risk management.

AML and Assurance, can RegTech define a better path?

Banks need to overcome many problems where anti-money laundering (AML) and assurance is concerned. But what are the main challenges and how can banks use emerging RegTech solutions to close the gaps?

Strengthen your sanctions and anti-money laundering checks

Know who you’re doing business with.

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