Best Practices for Implementing Anti-Money Laundering Technology

Goals

To gain insights into the best practices for implementing anti-money laundering technology in the banking/financial industry.

Early Findings

Training Staff on the AML Technology

  • One factor to a successful implementation of Anti Money Laundering (AML ) technology is having a workforce that is ahead of the game in terms of technological sophistication.
  • This is considered a best practice, mainly because workers are often at the frontline and interact with money laundering cases from time to time. Besides, fraudsters too try to keep up in trying to outdo financial institutions in attempts to succeed in their money laundering activities,
  • According to the CEO of EastNets, Hazem Mulhim, “financial institutions must develop irreproachable investigative programs staffed by qualified professionals continuously trained in the latest effective technologies.”
  • The workforce should be prepared and equipped with knowledge and skills, especially because the AML technology scene is continually evolving to give banks new ways to detect money laundering, such as using artificial intelligence (AI), machine learning (ML), and other technologies.

Implementing AML Technology Within the Applicable Legal Framework.

Summary of Early Findings

  • During the initial hour of research, we found some insights into some of the best ways to implement AML technology in the banking/financial industry from a reliable source authored by an expert in the field.
  • However, we could not immediately determine examples of banks/financial institutions that have implemented the above-discussed best practices.
  • Our recommendations are based on the early findings as uncovered in the first hour of research.

Proposed next steps:

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