"Combating money laundering means putting an end to the harm caused by serious crime. Combating
money laundering is not about ticking boxes". This statement in December 2019 by David
Lewis, Chairman of the Financial Action Task Force (FATF) Secretariat, illustrates the new expectations
from regulators towards financial institutions in the fight against money laundering and
terrorist financing.
While, according to Europol, barely 1% of funds derived from criminal activity in the European Union
are confiscated by the competent authorities, pressure is mounting on financial institutions
to detect criminal transactions involving their customers more effectively. Over the past
years, record fines have been imposed on institutions whose
Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) systems were inadequate.
Against this backdrop, the most advanced behavioral analysis and Data Science technologies
are emerging as essential tools for effectively detecting
money laundering and terrorist financing operations.
But are these technologies compatible with the reality of an LCB-FT department, where
teams are predominantly business-specific, and where traceability and transparency of decisions are
essential to ensure regulatory compliance?
"Combating money laundering means putting an end to the damage caused by
serious crimes. Combating money laundering is not about ticking boxes.
David Lewis, Financial Action Task Force (FATF)
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