Assuming your organisation’s approach to deployment is correct, new technology and better data management can help make AML screening more cost effective and, at the same time, reduce costs and manage financial crime risk more effectively. Such technologies constantly adapt to meet new AML regulatory requirements, allow for easy upscaling, and can help organisations to focus their people’s skills more effectively, in doing the right things.
Unfortunately, in the pursuit of cost savings, organisations often take a sporadic and siloed approach to their KYC identity verification, AML screening technology and customer data management processes. This often leads to the mistaken conclusion that enriching risk data or using new technology, leads to an even greater workload in the form of dealing with higher volumes of alerts, remediating false positives, and unnecessary investigations.
However, the reality is that many firms are approaching this back-to-front. By addressing the accuracy and richness of your customer data across the organisation first, through effective Customer Data Management systems, firms will unlock significant downstream benefits and clear the way for powerful AI and risk screening technologies to create highly effective AML processes and help reduce the ever-spiralling costs of financial crime compliance.
