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Effective AML compliance is an enabler: LexisNexis

Nurdianah Md Nur | Feb. 26, 2015
An effective AML system enables FIs to onboard clients quickly and safely, reduce risks across their organisations, and gain a better understanding of their customers, says Chrisol Correia of LexisNexis.

We are increasingly seeing a move to consolidate all of these processes through the use of one single technology platform. These tools can provide a single view of customers' risks across different activities, lines of business, and geographies. The end result is that the same technology and data can be used to manage AML, sanctions and other areas — such as fraud, tax corruption and reputation management — as opposed to having disparate systems managing these obligations in silos.

Achieving that will require intelligent use of broadsets of data and improvements in the quality of that data through better linking and analytics. So we are seeing a broader use of specialised technology to manage client onboarding, data hygiene, customer screening, ongoing account monitoring, transaction monitoring and case management and reporting across all areas of financial crime risk. What this provides is a very powerful scenario where it is easier to get a single view of risk across an organisation. Risks can be reported quickly, dynamically and concisely up to senior management through reporting on dashboards. It makes the whole organisation more accountable and more transparent for ensuring there is a good consistent level of compliance across an organisation.

 

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