Doing more with less: Improving the anti-money laundering surveillance program

Download Improving the anti-money laundering surveillance program

Monitoring customer activity for money laundering and terrorist financing is one of the most daunting compliance challenges for financial institutions. Although they have made significant investments in time, money, and people to meet this challenge, many banks still have not realized operational excellence. Even today, many surveillance teams sift through thousands of alerts generated by their anti-money laundering (AML) transaction monitoring systems to find only a small number of suspicious incidents. And for many, the sheer volume of alerts creates a backlog that puts them at risk for noncompliance, regulatory criticism, and cost overruns.

The problem: A number of banks installed an AML surveillance program without tailoring it to meet their specific needs.