AML Officer

The AML officer effectively leads, manages, and coaches a team of BSA/AML/OFAC associates in monitoring, investigating, and reporting processes.

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.

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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.

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Additional fraud + AML 
use cases (FRAML)

The account peddler

Buying and selling of established bank accounts is a common tactic for money laundering teams. Learn more about how the BioCatch models use machine learning to detect new user behavior on existing accounts.

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The accomplice

Catching the Accomplice decreases illegal operations and reduces criminal growth. Learn more about how BioCatch detects willing participants and prevents converted accounts from laundering money.

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The misled mule

Mitigating misled mules can protect financial institutions and their customers from unknowingly breaking the law. Learn more about how BioCatch identifies activity trend changes from genuine users to stop involuntary money laundering activity.

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Identity theft

Early detection is critical when preventing money laundering activity. Learn more about how BioCatch protects against new account fraud and proactively prevents money laundering criminals from infiltrating financial institutions. 

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Request an intelligence briefing

Join us for a 30-minute deep dive with a BioCatch expert to learn the latest tactics, techniques, and procedures (TTPs) fraudsters use to scam your customers
and harm your brand.

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