Embarking on Your Journey to AML Modernization

FCP leaders must balance the organizational need to minimize unnecessary friction in the customer experience against the imperative to cultivate a risk-based AML compliance management program satisfying anti-money laundering (AML) and Know Your Customer (KYC) regulatory mandates. Key takeaways from the white paper include the following; a thoughtful AML modernization journey can advance financial crime prevention, detection, and investigation, and make them smarter, faster, and more holistic. AML modernization can reduce false positives and discover hidden/unknown risk events. Transforming AML processes, tools, and systems can corral, enrich, and aggregate fractured, incomplete, and disconnected data sets more effectively. Advanced analytics can produce more holistic risk profiles of customers, accounts, and transactional activity, and elevated intelligence can be attained automatically and refreshed with greater frequency based upon a defined triggering event - and more well-informed alert and case investigations can yield better, accelerated, and more consistent decisions and outcomes as well as maximize the benefits of a skilled investigative staff.