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Using big data to trace money laundering and fraud

Talking of interesting surveys, I received another one recently
about money laundering.

This survey was performed by Veris, who interviewed almost
300 senior Anti-Money Laundering (AML) and compliance executives across 46

Interesting findings:

  • 61% of survey respondents cite an increase in
    board involvement in monitoring anti money laundering (AML) activities
  • 66% of survey respondents saw an increase in
    their AML and Office of Foreign Assets Control (OFAC)* compliance budgets
  • 32% consider their AML and OFAC compliance
    budget to be inadequate or severely inadequate
  • 75% identified automated transaction monitoring
    systems as the main cost driver in their AML and OFAC compliance efforts
  • 75% identify automated transaction monitoring
    systems as the main cost driver in their AML and OFAC compliance efforts
  • 53% estimate an impact on their compliance
    budget from the Foreign Corrupt Practices Act (FCPA)

You can read more about this survey here.

If this area is of real interest to you, then come along to a
FREE discussion I am chairing on September 24th

The meeting will debate the relevance of Big Data Analytics
in relation to AML and Fraud at Level 39, Canary Wharf, and features Forrester
followed by a panel discussion featuring myself, as moderator, and:

  • Derek Wylde, Global Head of Fraud Management,
  • Stephen Foster, Director Anti-Money Laundering,
    Group Financial Crime, Barclays Bank
  • Ram Chinta, PolarisFT
  • Paul Phillips, Hortonworks
  • Martha Bennett, Principal Analyst, Forrester

The event is organised by Polaris and Hortonworks, and takes
place from 18:00 on September 24. 




The Office of Foreign Assets Control (OFAC) of the US
Department of the Treasury administers and enforces economic and trade
sanctions based on US foreign policy and national security goals against
targeted foreign countries and regimes, terrorists, international narcotics
traffickers, those engaged in activities related to the proliferation of
weapons of mass destruction, and other threats to the national security,
foreign policy or economy of the United States. OFAC acts under Presidential
national emergency powers, as well as authority granted by specific
legislation, to impose controls on transactions and freeze assets under US
jurisdiction. Many of the sanctions are based on United Nations and other
international mandates, are multilateral in scope, and involve close
cooperation with allied governments. 

About Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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