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Future state AML: Using advanced technology to reimagine transaction monitoring

Author

Listed:
  • Phillips, Chris

    (SVP, Director of AML Compliance, Valley National Bank, USA)

Abstract

Anti-money laundering teams are increasingly looking to implement advanced technology, including machine learning and artificial intelligence, to help reduce workloads while ensuring compliance with applicable regulation. However, much of what is being implemented today sits on top of legacy systems and is aimed less at effectively detecting financial crime and more at reducing false positive alerts. This paper reimagines how AML compliance can implement advanced technology from the ground up to not only reduce the number of false positives, but to also provide more useful and timely information to law enforcement. All technology discussed in this paper is currently on the market or under development. The paper can be used as a starting point for AML teams to think about how they can implement advanced technology end to end in order to improve the transaction monitoring process and suspicious transaction filings.

Suggested Citation

  • Phillips, Chris, 2024. "Future state AML: Using advanced technology to reimagine transaction monitoring," Journal of Financial Compliance, Henry Stewart Publications, vol. 7(3), pages 256-267, April.
    • Handle: RePEc:aza:jfc000:y:2024:v:7:i:3:p:256-267
    as

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    More about this item

    Keywords

    anti-money laundering; ma-chine learning; artificial intelligence; BSA; suspicious transaction filings;
    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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