▷ INEFFICIENT: The typical compliance-based approach introduces unwanted friction for customers. It also generates many unnecessary transaction alerts. In fact, 95% of AML system-generated alerts are closed as “false positives” in the first phase of review.¹
▷ COMPLEX: AML implementations are often fragmented, involving multiple vendors. Furthermore, most financial institutions lack the technology to harness big data effectively for AML.
▷ EXPENSIVE: Manual investigation costs are high, with large financial institutions employing hundreds of people in compliance and investing an average of $60 million a year in Know Your Customer (KYC) alone.²
▷ INEFFECTIVE: Despite AML efforts, worldwide AML fines were $42 billion in 2016.³