Financial Institutions Unveil Revolutionary Approach to Combat Financial Crime
A bold new strategy is being adopted by financial institutions worldwide to tackle financial crime and anti-money laundering (AML) more effectively. This investigator-led approach promises to revolutionize the way banks detect and prevent illicit activities, boosting their efforts to combat money laundering, drug trafficking, human trafficking, corruption, and embezzlement.
Improved Entity and Network Resolution
The new approach relies on advanced data analytics and intelligence sharing from public and private sources to provide greater clarity on high-risk connections and beneficial ownership. This enables investigators to identify potential threats more accurately and prioritize their efforts accordingly.
- Advanced data analytics for improved entity resolution
- Intelligence sharing from public and private sources
- Greater clarity on high-risk connections and beneficial ownership
Intelligent Search Function
A tailored search function, specifically designed for FCC/AML needs, produces more relevant and prioritized results, allowing investigators to quickly pinpoint critical information.
- Tailored search function for FCC/AML needs
- More relevant and prioritized results
- Quick identification of critical information
Streamlined Metrics and Analysis
The “point-and-click” metrics and analysis feature helps investigators assess cases and determine actions with ease, reducing the complexity and time-consuming nature of current processes.
- “Point-and-click” metrics and analysis feature
- Simplified case assessment and action determination
- Reduced process complexity and time consumption
Automated Reporting and Quality Control
Automated prepopulation of key data items and AI-enabled text generation support investigators in report production, while automated quality control ensures that output is accurate and subject to human review.
- Automated prepopulation of key data items
- AI-enabled text generation for report production
- Automated quality control for accuracy and human review
Building a Network of External Partnerships
Financial institutions are forging collaborative networks with local law enforcement agencies, other financial institutions, tax-collection authorities, shipping companies, airlines, social media companies, and non-profit organizations. This shared intelligence enables more rigorous investigations and provides valuable insights into institutional exposures to parties involved in illicit activities.
- Collaborative network with local law enforcement agencies
- Shared intelligence for more rigorous investigations
- Valuable insights into institutional exposures
Realigning Activities and Platforms
To overcome the limitations of current FCC/AML infrastructures, financial institutions are streamlining their operations to make them more efficient and effective. By automating manual tasks and focusing on high-priority actions, banks can reduce resource strain and redirect efforts towards the most impactful initiatives.
- Streamlined operations for increased efficiency
- Automation of manual tasks
- Focus on high-priority actions
Benefits of the Investigator-Led Approach
The benefits of this new approach are significant:
- Dramatically improved effectiveness in detecting financial crime
- Reduced strain on organizational resources, allowing for redeployment to special investigative teams
- Elevated profile as socially responsible actors in society, building public confidence and trust in banks and the financial system
- Enhanced regulatory engagement and cooperation
As the clock runs out on refining the existing model, financial institutions are embracing this intelligence-driven, investigator-centered approach to combat financial crime and anti-money laundering. By adopting this revolutionary strategy, they can improve detection rates, reduce resource strain, and foster greater public trust in the financial sector.