{"id":12138,"date":"2018-12-14T22:23:53","date_gmt":"2018-12-14T16:53:53","guid":{"rendered":"https:\/\/www.allsectech.com\/?p=2544"},"modified":"2024-09-02T10:57:30","modified_gmt":"2024-09-02T10:57:30","slug":"the-role-of-analytics-in-identifying-illicit-business-activities","status":"publish","type":"post","link":"https:\/\/www.alldigitech.com\/2018\/12\/14\/the-role-of-analytics-in-identifying-illicit-business-activities\/","title":{"rendered":"The role of analytics in identifying illicit business activities"},"content":{"rendered":"
The role of analytics in identifying illicit business activities<\/h1>\n
When people say, \u201cIt\u2019s a numbers game!\u201d, you hardly ever think that they\u2019re talking about anti-money laundering. While everything about tackling money laundering is tied to a number (account numbers, transaction amounts, etc.), banks have thus far been reactive, tightening up systems and checks, post facto. <\/span><\/p>\n
Consequently, on failing to meet AML compliance requirements, these financial institutions often face fines to the order of several hundred million dollars – a definite dent to their financial growth. With an increasing shift to a proactive, risk-based approach across institutions, it\u2019s time to revisit the role of analytics in mitigating money laundering, as opposed to it playing a more forensic role as an afterthought.<\/span><\/p>\n