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Despite the challenges, developments in technology could make transaction monitoring and screening programmes much more effective.

According to AML experts, analysts spend as much as 80% of their time finding data instead of fixing problems – so there’s plenty of scope for new solutions to speed up the information gathering process. Progress is being made in the use of technologies like advanced analytics, AI and machine learning. Focus is also on using technology to verify identity, analyse behaviour patterns and expedite KYC onboarding.

Overcoming AML challenges in correspondent banking

With machine learning, the system learns where the analyst goes to grab information and then does it for them – so analysts can then spend 80% of their time analysing that information instead of 20%.

-  Head of FCC Americas, Global Bank