Prepared for Egeria | Delivered May 20, 2020
Best Practices for Implementing Anti-Money Laundering Technology
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To gain insights into the best practices for implementing anti-money laundering technology in the banking/financial industry.
Training Staff on the AML Technology
factor to a successful implementation
of Anti Money Laundering (AML ) technology is having a workforce that is ahead of the game in terms of technological sophistication.
This is considered a best practice, mainly because workers are often at the frontline and interact with money laundering cases from time to time. Besides,
fraudsters too try to keep up
in trying to outdo financial institutions in attempts to succeed in their money laundering activities,
According to the CEO of EastNets, Hazem Mulhim, “financial institutions must
develop irreproachable investigative programs
staffed by qualified professionals continuously trained in the latest effective technologies.”
The workforce should be prepared and
equipped with knowledge and skills
, especially because the AML technology scene is continually evolving to give banks new ways to detect money laundering, such as using artificial intelligence (AI), machine learning (ML), and other technologies.
Implementing AML Technology Within the Applicable Legal Framework.
According to Mulhim, “to fulfill regulatory demands, many financial institutions should
build a veritable internal law-enforcement department
, staffed by hundreds of compliance officers.”
The reason as to why this is considered a best practice is because many experts agree that “
regulatory expectations are intensifying
, and the financial industry’s exposure to money laundering is vast.”
For most financial institutions, complying with the anti-money laundering
regulations continues to be a challenge
. If such institutions have compliance officers in place, they can easily keep up with the changes in the regulatory framework and remain compliant.
Summary of Early Findings
During the initial hour of research, we found some insights into some of the best ways to implement AML technology in the banking/financial industry from a reliable source authored by an expert in the field.
However, we could not immediately determine examples of banks/financial institutions that have implemented the above-discussed best practices.
Our recommendations are based on the early findings as uncovered in the first hour of research.