Westpac Bank in Australia is facing one of its gravest crises from systemic AML/CTF failures over a 5-year period that contravened the AML/CTF Act on over 23 million occasions.
Topics: risk manangement, machine learning, money laundering, AML/BSA, regulatory compliance, agile compliance, AML/BSA/CTF
The Legacy Approach
In last week's article, we discussed Rules Engines vs Machine Learning for AML/BSA/CFT compliance. In this article we differentiate legacy AML process from modern a Agile Compliance approach. The legacy AML process consists of on-boarding customers, transaction monitoring and reporting. These processes are hard-wired into the software by technology companies and have been used for years.
Topics: machine learning, money laundering, AML/BSA, regulatory compliance, FFIEC
We have been asked to explain the differences between rules-engines and machine learning for anti-money laundering/banking secrecy act applications on numerous occasions. This question typically arises from the compliance team, wanting to better understand the difference between their current process and that used by a modern AI-based AML system.
Topics: model validation, machine learning, money laundering, AML/BSA, regulatory compliance, AML/BSA/CTF
