The current framework for managing AML risk is underperforming despite the investments being made in terms of raw compliance spend.
Can compliance teams really be expected to go through 11.9 million Pandora Papers' files by themselves?
Financial crime is pervasive, dynamic, and often on such a scale that even the most apparently safe industries and regions are open for exploitation.
De-risking emerged as an unintended result of banks with limited alternatives to new regulations. Technology is the strongest ally to fix this.
All too often, highly capable respondent banks are left disempowered by the industry's commonplace top-down financial crime risk management practices.
Without a right strategy and technology to support it, executives and Board Members put themselves at risk of being found liable for financial crime.
Banks don't view the work of compliance departments as providing financial value but rather as a “cost center”. This view can be a big mistake.
