5 AML technologies you must understand

When the current U.S. anti-money-laundering regime began with enactment of the 1970 Bank Secrecy Act, it had a limited focus. The law had been developed to help identify the source, volume, and movement of currency, and other monetary instruments, primarily related to drug traffic. Flash forward almost five decades later. We can marvel at AML’s phenomenal growth in scope and importance. Financial institutions of all types now expend vast amounts of staff resources, money, and management attention on AML compliance. The bar keeps rising and the stakes are high, including public sanctions; large fines; holding individuals personally accountable for noncompliance; and significant reputational risk. Five pillars and growing expectations An AML program satisfactory to supervisors involves implementation and risk-based management of a number of moving parts, beginning with addressing the…


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