For decades anti-money laundering (AML) detection has been rules-based, creating a problematic two-fold outcome: true money laundering goes undetected while at the same time too many false positives are created. Preventing these dual problems requires a new analytics focused approach, a challenge three Asian-Pacific banks were keen to embrace. Their reward was significant increases in both accuracy and efficiency including:
- Reduction in false positive alerts of more than 50%
- Enhanced ability to find evidence of criminal behavior
- Improved quality of suspicious activity regulatory reporting
- Increased productivity of compliance analysts, investigators and compliance officers
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