Most major banks today allocate an annual budget of $1 billion USD on people and technology to combat money laundering and terrorist financing. Yet, opaque, non-automated client screening solutions with siloed processes still produce high volumes of false positives and continue to burden analysts and financial crime compliance officers worldwide, generating huge regulatory fines.
Worse, the estimated annual cost of money laundering and associated crimes is between $1.4 trillion USD and $3.5 trillion USD, with North America taking the lion's share of global AML fines.
The financial services industry has a clear money laundering problem. But the fight against financial crime is not one that banks can win with their current technology and strategies.
Learn how NextGen Client Screening can help reduce the risk of non-compliance for banks and improve operational efficiency, with clear steps on how you can overcome the constraints of legacy systems and move towards modernized, low-code, accurate and scalable client screening processes.
In this guide explore what is meant by NextGen screening and how it can close the loops on existing inefficiencies:
- Sharpened screening: Learn the benefits of contextual name matching, multi-configuration and real-time screening for keeping pace with sanctions
- Modernization: How cloud native solutions unlock the speed of change that banks so desperately need for AML compliance
- Usability: Learn how financial crime compliance teams can keep pace with new typologies with low-code systems, test rule sets in an integrated sandbox and the importance of explainable AI