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What Differentiates modern AML Solutions from Legacy AML?

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.

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Topics: machine learning, money laundering, AML/BSA, regulatory compliance, FFIEC

Comparing Rules Engines vs Machine Learning for AML/CFT

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.

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Topics: model validation, machine learning, money laundering, AML/BSA, AML/BSA/CFT, regulatory compliance

BSA/AML Insights from OCC Risk Perspectives Spring 2019

Last month the US Office of the Comptroller of Currency released its 2019 Semiannual Risk Perspective report. While the report is bullish on the strength of the US economy and the banking sector as a whole is buoyant, the associated risks give cause for concern. Of particular concern are operational risks arising from persistent cybersecurity threats and compliance risk from Bank Secrecy Act/anti-money laundering (BSA/AML).

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Topics: AML/BSA, regulatory compliance

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