AML benchmarking: How does your approach measure up?

The panel

• Marc Andrews, Vice-president, Financial crimes and conduct risk, Watson Financial Services Solutions, IBM
• Christopher Sidler, Managing director, Promontory Financial Group
• Moderator: Joel Clark, Contributing editor, Risk.net

Amid public scrutiny and regulators’ increasing demand for controls, financial firms are under intense pressure to improve the effectiveness and efficiency of their anti-money laundering (AML) and customer due-diligence (CDD) programmes.

In conjunction with Risk.net, IBM conducted a survey of approaches taken by AML and financial crime professionals in global financial institutions to evaluate the scale of the challenge, from resource allocation and the length of investigation to the number of systems accessed during investigations.

Key topics discussed include:

• The main challenges of the investigation process and how to reduce the effort and time spent on ‘false positive’ alerts
• Best practice processes and methodology for AML sanctions screening, transaction monitoring, CDD, enhanced due diligence and know-your-customer compliance
• Where artificial intelligence can be most effective in AML and CDD compliance management.

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