Anti-money laundering (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. 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The processes involved in identifying illicit transactions are time-consuming, inefficient and often based on outdated technology.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.
Billions have been spent by industry participants on various AML initiatives, but 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
Find out how our Compliance Analytics solutions can help you leverage your SWIFT message data to strengthen your correspondent risk management.
New data techniques
Artificial intelligence and machine-learning can help crunch data more efficiently. Hear more as SWIFT’s Tony Wicks talks to Risk.net.
Can RegTech help?
How can banks use emerging RegTech solutions to close the gaps in their AML and compliance processes?