An entity centric approach to financial crime enables multiple AML processes come together for effective results, allowing banks to build a much richer picture of the individual or corporate than traditional models allow.
Traditional monitoring for suspicious behaviour tends to operate across disjointed, disconnected teams, data and systems. This is ineffective because the context or wider view isn’t considered to determine whether activity is suspicious or not.
Criminals are becoming increasingly sophisticated in how they place and move their money through financial institutions around the globe. Regulators are increasingly sharpening their focus on the use of corporates in facilitating money laundering, and financial institutions must be prepared to structure their AML and compliance obligations in a manner which meet more rigorous regulatory demands.
Use of analytics including AI, ML, and network analysis is proving integral to banks’ strategy to combat these threats. However, to leverage these tools effectively, banks must approach their AML strategy with an entity-centric focus.
Sign up for this Finextra webinar, in association with NICE Actimize, to join the panel of industry experts as they discuss the following areas:
- What are the characteristics of legacy approach to oversight and governance taken by financial institutions which aren’t suited to tackling financial crime today?
- What is a different approach that financial institutions should take in order to overcome the challenges of legacy approaches?
- How have analytics solutions evolved into essential tools for banks to leverage for their AML strategy?
- How should financial institutions go about crafting an entity centric approach to their AML strategy?
Speakers:
- Gary Wright - Head of Research, Finextra [Moderator]
- Adam McLaughlin - AML Strategy and AML Subject Matter Expert, NICE Actimize
- Meagan Birch - Deputy Money Laundering Reporting Officer, OakNorth Bank
- Lester M Joseph - Manager, Global Financial Crimes Intelligence Group, Wells Fargo