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Jonathan Camhi
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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Keeping Data Separate

Better rules can be written into AML solutions and processes if banks don't mix and compare data that doesn't relate to each other, the paper notes. Keeping information from different fields separate during the screening process, for instance, will reduce the number of incorrect matches that have to be reviewed. To achieve this the paper recommends creating discrete entity types so that an individual's name doesn't get matched to the name of an organization that could be on a caution list.

 

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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