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Building better transaction monitoring for anti-money laundering

Author

Listed:
  • Bostel, Ashley

    (Associate Vice President, Product Development for Anti-Financial Crime Solutions at Nasdaq Market Technology, UK)

Abstract

Recent developments in cloud-based systems, Big Data and machine learning are transforming the anti-financial crime technology landscape. These technologies are making it easier to develop improved solutions for detecting, managing and investigating financial crime. As a result, the anti-money laundering (AML) software market is expected to grow by over US$1bn in the next four years, as traditional vendors compete with new players to exploit these new technologies. This environment is leading to exciting innovation in anti-financial crime technology with both software vendors and financial institutions challenging each other to develop the next leading AML solutions. This paper concludes that, criminals are not shackled by data privacy and international boundaries, transaction monitoring and all compliance professionals play an important role in helping to reduce human suffering and combat criminal activity. It discusses how new technologies can and will help to make AML solutions more effective and that will have a positive impact on civilisation.

Suggested Citation

  • Bostel, Ashley, 2021. "Building better transaction monitoring for anti-money laundering," Journal of Financial Compliance, Henry Stewart Publications, vol. 4(4), pages 313-335, June.
    • Handle: RePEc:aza:jfc000:y:2021:v:4:i:4:p:313-335
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    More about this item

    Keywords

    anti-money laundering; transaction monitoring; machine learning; Big Data; cloud computing; artificial intelligence; analytics; compliance technology;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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