The role of AML and transaction monitoring

In a world where opportunities for financial crime lurk in every corner, the need for strong AML and transaction monitoring practices are vital.

A recent discussion took the opportunity to discuss the topic of the role of AML and transaction monitoring and the roles they play.

Taking part were Deutsche Bank Managing Director, Anti-Financial Crime at Aaron Wolf, Head, AFC Portfolio, Chief Transformation Office, Americas at Deutsche Bank Jill Dyer, Quantexa chief product officer Alexon Bell and Early FinTech Ventures partner Astrid Freier.

When tackling financial crime, can transaction monitoring be enough? Wolf said, “I always say transaction monitoring is just one tool in our arsenal. As important as it is, we need to make sure that is it working in tandem with all of our other controls and capabilities.

“What I’ve really noticed, and it’s good thing for our industry, is that our jobs market has blown up because of the risks that banks face – it’s good for us for job security but one of the bad effects that’s happened over the years is that financial crime compliance has gotten quite siloed to accommodate that expansion.

“I really feel like we’re really on the cusp of using the new technologies and starting to see results. The old rules-based way of monitoring, it was what I call a necessary evil, but it wasn’t necessarily an effective evil. And now we’re starting to turn the corner and seeing much more of the possibilities that are out there.”

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