Financial Crime World

Malta Aims to Stay Ahead of Financial Crimes with Cutting-Edge Technology

The Maltese government is leveraging technology to enhance its regulatory operations and stay ahead of financial crimes. According to a recent report by PwC, successful regulatory operations rely on flexible workflows, supported by tools that cover various financial crime areas.

Flexible Workflows and Advanced Tools

  • A flexible workflow is at the heart of successful regulatory operations.
  • Tools that support areas such as KYC, TM alert review, data enrichment, or data remediation lay a solid foundation for building advanced and efficient processes.

Reporting Services and Key Performance Indicators (KPI) Monitoring

  • Automated reporting provides live, interactive data visuals accessible from web or mobile devices.
  • Real-time decision making is enabled, empowering both tactical and strategic solutions.

Data-Driven Business and Process Intelligence

  • Enables calculation of efficiency KPIs, fine-tuning capacity, and measurement of processing time for individual tasks.
  • Machine learning can be deployed to monitor changes to customer Anti-Money Laundering (AML) profiles and trigger appropriate follow-up actions.

Smart Forms and Automation

  • Smart forms integrate multiple automations and serve as an interface for users to easily access them.
  • These forms can be integrated with client portals to enable efficient exchange of data and documents with clients in a more secure and structured manner.

Knowledge Sharing and Regulatory Compliance

  • Three layers of an effective knowledge management system:
    • Well-structured knowledge platform
    • Intelligent search engine
    • Ticketing system
  • Knowledge sharing is critical in regulatory compliance processes.

Data Gathering and Extraction Solutions

  • Critical in enhancing efficiency and accuracy for customer onboarding and authentication processes.
  • Automated identity verification has become a market standard, while machine learning and AI capabilities can be leveraged to streamline screening against negative news, PEP status or sanctions.

Quality Reporting, Predictive Sampling, and Risk Rating Modeling

  • Importance of quality reporting, predictive sampling, and risk rating modeling in preventing financial crimes.
  • Machine learning and advanced technologies can be used to derive AML Customer Risk Ratings using data gathered during KYC processes.

Conclusion

Malta’s implementation of cutting-edge solutions is expected to enable the country to stay ahead of financial crimes and maintain its reputation as a stable and secure financial hub.