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.
Improve fraud and AML operations with a proactive and unified approach
Did you know that 69% of financial institutions reported the number of days they spent on AML investigations increased last year? Or that three out of five financial institutions still struggle with early detection of fraud events? These are just some of the surprising findings shared by more than 150 fraud and AML decision makers at financial institutions across North America, Europe, and Latin America and published in a new report by Forrester Research.
use cases (FRAML)
The account peddler
The misled mule