This post has already been read 420 times!
Factors That Impact Your AML Success
Big data is all around. It is said that in 20 years Facebook will have over 70,000 data points on our children. It seems to me that is perverse when the banking industry can’t yet match customer data within their own four walls.
With an industry bursting at the seams with data, yet no credible way to make use of it, it is time for a change of thought process.
Software available to banks to manage AML, be that the process to manage a case, or alert to a risk, is letting them down.
The solution to this all relates to information governance and dissemination.
Institutes should be sharing data on customers and transactions automatically. This should be expanded to include public sector authorities also sharing data to provide a more holistic view of risk and criminality.
Currently all intelligence products focus on the same data-sets.
- Adverse media
- ‘Some’ open source
- Their own records
- Fraud data-sets
- Sanctions/watch lists
Imagine a solution that did all of that and included;
- Social Media
- Dark Net
- Police Data
- Full open source
- Digital footprints
- Tracking movement software
- Port authority
- Criminal data
- Financial Industry intelligence network
- and more…
Now imagine a system that utilised a sharing engine to control how the network ethically, lawfully and commercially shared data.
The police today work in a ‘plural’ policing network. Working with private companies, public authorities and security companies to keep us safe. They share data with all of them to prevent crime. And yet the banking industry doesn’t receive this data.
Add to these concepts an artificial intelligence solution that intelligently merges data-sets to create a product that provides less false positives and more meaningful and accurate data results. Shutting out the criminal with nefarious aims.
All of this is possible with today’s technology. A solution that can;
- Dissemination rules
- To aid decision-making.
Operation Embrace is building this system. The team has over 200 years experience and critically, none of it is in IT with most forged from hard years at the front-line of AML. A team with a breadth of experience that includes military and policing intelligence experience.