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Real-Time AML: The Technology Is Ready, but Is the Industry?

White Paper Published By: Fiserv
Published:  Sep 14, 2017
Type:  White Paper
Length:  4 pages

Move from Reactive Reporting to Proactive Prevention of Financial Crime through Monitoring Suspicious Activity in Real Time

Sanctions screening and fraud prevention solutions use real-time detection to prevent terrorist financing and financial crime; whereas anti-money laundering (AML) primarily follows an “observe and report” process. Such a process is all that is currently required by many regulators. Increasingly though, international compliance teams are choosing to stop transactions before they are executed – based on suspicions of money laundering activity. More and more, the industry has been asking itself if this approach of rejecting suspicious activity is a more effective strategy to prevent money laundering. This paper explores where and why AML real-time detection might make sense as a new paradigm for global financial institutions.

Tags : 
aml, anti-money laundering, compliance, regulatory compliance, financial crime, financial crimes, financial action task force, fatf, customer due diligence, cdd, aml monitoring solutions, currency transaction reporting