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AML Systems and Controls: Friend and Foe

Financial crime compliance has witnessed a boom in recent years. The Anti-Money Laundering (AML) software industry is estimated to grow to $3.4 billion by 2027 (Ref: Reuters). But this is a drop in the ocean compared to the cost of non-compliance. Banks have been fined more than $320 billion due to market abuse since the financial crisis of 2008 (Ref: Bloomberg). It is estimated that financial crime is costing the global economy $3-5 trillion dollars per annum but only 1% of illegal gains are frozen or seized by the authorities (Ref: UNODC).

Why aren't more of these funds being captured? The private sector continues to harbour, facilitate and launder proceeds of crime. The regulatory and legislative framework is playing catch-up because changes in law to combat crime is a long process. 

Compliance teams are drowning in alerts, often spending up to 95% of their time clearing false matches. 

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In a fiercely competitive Fintech landscape, it's important to keep your customers happy and manage compliance risks. Learn how.

Continuing Content

Video

CFRM Momentum Video

No financial institution or corporation, regardless of their industry, wants to be a part of a fraud headline, or fall foul of regulations, but staying ahead of opportunistic fraudsters, emerging AML threats and increasing compliance demands seems like a continuous crusade.

Customer Success Story

International Bank Secures Payments and Reduces Investigation Time with Sophisticated Fraud Prevention Platform

The retail banking industry is an extremely competitive one. Banks have to retain current customers and attract new ones to grow market share and stay viable. However, one of the biggest threats to attaining that success is reputational risk.

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