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Designing technology systems to detect and prevent financial crime

Author

Listed:
  • Randhawa, Jas

    (Managing Partner, StrategyBRIX, USA)

  • Swaminathan, Suraj

    (Compliance Technology Professional)

Abstract

Almost all early-stage financial services businesses are motivated to have a comprehensive compliance programme. However, they often need help knowing where to begin. There is much literature on enhancing existing compliance programmes and specific topics such as know your customer or transaction monitoring systems (TMS). This paper delves into the critical components required to build a functioning compliance programme and the fundamental building blocks that will set up a FinTech for long-term success. This paper is comprehensive enough to allow any company focused on financial services to pick and apply key concepts explained in the paper to build a compliance programme. At the same time, it is specific enough to help explain each component in detail so that companies can use this as a guiding principle to set up a compliance programme.

Suggested Citation

  • Randhawa, Jas & Swaminathan, Suraj, 2023. "Designing technology systems to detect and prevent financial crime," Journal of Financial Compliance, Henry Stewart Publications, vol. 6(4), pages 321-332, June.
    • Handle: RePEc:aza:jfc000:y:2023:v:6:i:4:p:321-332
    as

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    More about this item

    Keywords

    AML; KYC; transaction monitoring; compliance technology; machine learning; FinTech;
    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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