Financial Crime World

Investigator-Led Approach Revolutionizes Financial Crime Compliance and Anti-Money Laundering

Financial crime compliance and anti-money laundering (FCC/AML) are critical areas of focus for financial institutions, requiring effective strategies to mitigate risks and ensure regulatory compliance. A cutting-edge solution is transforming the way financial institutions tackle FCC/AML by leveraging advanced technology, intelligence sharing, and strategic partnerships.

Improved Entity and Network Resolution

The new approach utilizes automated data and intelligence sharing from public and private sources to provide enhanced clarity on high-risk connections and beneficial ownership. This is achieved through an intelligent search function tailored to FCC/AML needs, which produces more relevant and prioritized results.

  • Automated data and intelligence sharing from public and private sources
  • Intelligent search function for enhanced clarity on high-risk connections and beneficial ownership

Streamlined Investigations

The system features “point-and-click” metrics and analysis, allowing investigators to quickly assess cases and determine actions. Automated prepopulation of key data items and AI-enabled text generation support investigators in report production, while automated quality control ensures output accuracy, subject to human review.

  • “Point-and-click” metrics and analysis for streamlined investigation assessment
  • Automated prepopulation of key data items and AI-enabled text generation for efficient report production

Enhanced Collaboration and Information Sharing

Building on a network of external partnerships, the solution facilitates shared intelligence among financial institutions, law enforcement agencies, and other stakeholders. This collaborative approach enables more rigorous investigations and allows for the sharing of information from various industries.

  • Collaborative approach to shared intelligence among financial institutions, law enforcement agencies, and other stakeholders
  • Sharing of information from various industries, including logistics companies, airlines, retailers, hotels, and nonprofits

Realignment of Activities and Platforms

To overcome the limitations of current FCC/AML infrastructures, financial institutions can streamline operations to make them more efficient and effective. By automating manual tasks and adding intelligence to decision making, banks can reduce the strain on resources and free up talent and management resources for more valuable activities.

  • Automation of manual tasks and addition of intelligence to decision making
  • Reduced strain on organizational resources and increased efficiency

Benefits Abound

The investigator-led approach offers several benefits, including:

  • Dramatically improved effectiveness in identifying and mitigating financial crime
  • Reduced strain on organizational resources
  • Elevated profile as socially responsible actors in society, building public confidence in banks and the financial system
  • Fostering deeper regulatory engagement and cooperation

The Future of FCC/AML

As the field continues to evolve, it is clear that the traditional procedure-driven approach has reached its limitations. The time has come for an intelligence-driven, investigator-centered approach that focuses on intercepting the proscribed activities of highest risk to the organization. By embracing this new paradigm, financial institutions can revolutionize their FCC/AML efforts and make a significant impact in combating financial misdeeds.

  • Intelligence-driven, investigator-centered approach to FCC/AML
  • Emphasis on intercepting high-risk activities and mitigating financial crime