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Jonathan Camhi
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6 Best Practices for Improving AML Screening

A new whitepaper by BankersAccuity outlines a number of steps banks can take to improve efficiency and compliance in anti-money laundering operations.
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Regulators have shown a heightened focus on AML and OFAC recently, with large fines leveled against financial institutions -- such as HSBC and Standard Chartered -- that fail to comply. Clearly, the risks are high for financial institutions if they fail to ensure a proper screening process in their AML operations. Most organizations deploy solutions to analyze large amounts of data in real-time to track transactions and keep up to date with the latest regulatory requirements. With sanctions lists being constantly updated with new names and entities, the number of false positives produced in the screening process are going to increase, adding extra costs and workload for even the best compliance programs. To minimize risk and costs banks will have to analyze data within proper context, a new white paper by BankersAccuity argues. Here are 6 steps the paper offers to help reduce false positives in AML screening.

 

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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Jonathan_Camhi
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Jonathan_Camhi,
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7/23/2013 | 4:10:30 PM
re: 6 Best Practices for Improving AML Screening
Yes the white paper was centered on the issue of data quality and didn't get into the infrastructure issues that you're talking about. Systems and integration and infrastructure will also be important for banks to get the full view across the enterprise that will help in complying with all of the changing regulations.
KBurger
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KBurger,
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7/22/2013 | 4:20:01 PM
re: 6 Best Practices for Improving AML Screening
Some of these also seem like analytics/data management best practices that could be applied in other ways, to other kinds of business requirements. That could be helpful to banks looking to leverage necessary investments in ALM-related systems & resources. What I don't see here is anything about the need to look at ALM across the enterprise & the related systems integration and infrastructure issues.
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