As a financial institution, there are many regulatory rules to be adhered to. AML is just one of them. The impact of not setting AML up correctly can lead to huge fines, as the last years have shown with hundreds of millions of euro’s in fines being handed out. If that was not enough, complex to adhere to rules like GDPR make it even more complex, as per de EDPS privacy recommendations.
So how to make this work in a way that the so called ‘false positives’ are as low as possible given the cost/time to go after them? Essentially it is a combination of setting up the right processes (and have them set-up that you can keep adapting them!), combined with a well trained staff (also here: constant adapting (education) is needed) and proper technology. That sounds easy, yet it is hard work, based on a continuous improvement mind-set.
The offering we deliver is delivered ‘as a service’ based on AI, fitting right in the continuous learning mantra: rules and algorithms need to be (constantly) improved. Our offering is based on the proven AI based technology of Quidgest, already helping several financial institutions with great succes!
Interested to know more? Please contact Aernoudt.
The full Basel AML index can be downloaded here. This shows the rankings (risk level) per country based on accumulated data. Countries that are ‘greyed-out’ did not deliver sufficient data to make a proper ranking