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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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Analyze SWIFT Data

Some banks put standardized code words at the beginning of each line of SWIFT payment instruction, the paper reports, which can help keep related data together and reduce false positives. In addition, screening fields in a SWIFT instruction don't have data that could generate a legitimate match. For instance, field 30 in a SWIFT instruction is a value date that could be accidentally matched to a passport number, the paper explains.

 

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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