With ever-increasing scrutiny around Bank Secrecy Act (BSA) and Anti-Money Laundering (AML), banks continue to see their costs and complexities rise in complying with financial crimes regulations. False positive rates across banks’ fraud and BSA/AML transaction monitoring systems remain high. Staff increases are typical to conduct transaction monitoring and due diligence to meet compliance and avoid hefty non-compliance penalties. Some banks rely on outsourcing strategies to satisfy BSA/AML compliance tasks, which can add still more cost and complexity.

By joining forces and collaborating across non-competitive functions, banks can ease their burden of financial crime detection, prevention and compliance. A modern shared-services model allows banks, regulators and other financial crime stakeholders to cost-effectively pool their non-competitive data and share the right intelligence to make informed decisions on BSA/AML quickly and flexibly. By doing so, banks can gain a holistic view of the customer, lower absolute costs, reduce the overall risk profile and ultimately, create more value.

Smarter financial crime compliance

Banks can bring their BSA/AML compliance into the “New” by tapping into shared-services innovation to stay ahead of financial crime, meet steep compliance requirements and lay a tile in the foundation for digital-ready operations.

What constitutes a “modern” shared-services model for BSA/AML compliance programs?

It offers three key features that give bank participants the infrastructure, analytics and platform needed to optimize compliance:

  1. A flexible set of integrated, cross-functional technology capabilities for scalable model validation, performance monitoring, scenario optimization, productivity tracking and horizontal bank benchmarking.
  2. Distributed processing of large data sets across clusters, including Hadoop.
  3. Advanced, cross-participant data analytics that translate Big Data into usable content for regulatory reporting to guide the actions of banks and industry regulators.

Savvy banks will draw on an effective culture of BSA/AML compliance—one that prioritizes and maximizes the use of data to challenge costs, complexity and security.

Banks can broaden analytics beyond their own walls and apply data-driven insight across all BSA/AML and fraud monitoring activities to compete in a digital world.

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