Problem Overview

A company's AML Officer was formed from the growing need to monitor, assess, and stop money laundering activity within a financial institution. According to the United Nations Department of Affairs, there was over $1.6 trillion of money laundering flows in 2020 alone. As this number continues to grow and approach 3% of global GDP, financial institutions have been faced with aggressive AML enforcement demands from law makers and regulators alike. The AML Officer must maintain a current and in-depth knowledge of BSA, AML, OFAC, and all related regulations. For example, adherence of Know Your Client (KYC) standards and appropriate customer due diligence (CDD) is mandatory as banks and FI’s are often scrutinized for their investigative efforts. This is where the right technology can help.

BioCatch solutions deliver a high detection rate, low false positives, and actively shutdown money laundering accounts with minimal human resource allocation. Mule Account Detection with BioCatch Scout combines behaviour biometric data with link analysis technology to proactively prevent money laundering before the outbound payment is sent. This preventative approach was designed to reduce operational costs, reduce investigation time, and exceed the demands of the evolving AML Officer role.