AML Case Study: Reducing AML risk and complexity with big data technologies
Multi-million rand fines levied on various banks have led to amendments to South Africa's Anti-Money Laundering legislation, FICA.
Faced with similar challenges, one multinational banking group has adopted big data technologies to scale its AML capabilities. Trillium Quality used to prepare and validate transactional data, and to identify and link related parties, directly within the big data platform.
Of particular interest:
This approach includes checks of poorly formatted transactional data (such as SWIFT transactions) to identify both the parties involved in transactions and the nature of the transactions themselves, closing a common opportunity for money launderers to conceal their activities
Read this case study to understand how big data can solve your AML challenges.
