Boston, June 11, 2013 - Finding patterns indicative of money laundering and other financial crimes is akin to searching for a needle in a haystack, and increasing pressure on banks' anti-money laundering and fraud teams means that many with this responsibility increasingly feel like they're searching for that needle while a combine bears down on them at full speed. Between-a-rock-and-a-hard-place pressures include regulatory scrutiny, constrained budgets, swelling payment volume and types, and ever-increasing criminal activity. As a result, financial institutions must continually examine their AML efforts and seek innovative options to improve the search for the elusive needle.
Based on 2012 and 2013 Aite Group interviews with financial crime executives, this Impact Note by Julie Conroy, retail banking research director at Aite Group, provides an overview of the challenges facing financial institutions' crime-mitigation units and reveals creative approaches to effective and efficient AML efforts.
This 16-page Impact Note contains four figures and two tables. Clients of Aite Group's Fraud & AML service can download the report.