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With weighty regulation coming to bear this year, specifically around anti-money laundering (AML), financial institutions will address compliance by deploying new generation compliance management technology, according to analysts.
As financial institutions prepare for the demands of the new year, industry analysts are predicting that Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance management software will be a key focus for them in 2012. After much criticism from federal examiners in 2010/11, the anticipated trend for financial institutions will be in addressing compliance using IT, eliminating silos of automated systems and creating more effective BSA and AML compliance programmes. Analyst firm Gartner agrees that this as an upcoming trend mostly due to the increased regulatory pressures, and the rising cost of high volume transaction scanning is the driving factor for financial services firms to invest in AML systems. While many institutions may find it difficult to build a business case for integrating AML with anti-fraud, todays next generation AML software, analytics and case management can deliver better results than legacy anti-fraud systems. This supports Celents 2013 prediction that spending on AML compliance, including operations and technology is expected to reach US$5.8bn globally.
PEPs
A key element in AML is the delivery of up-to-date information on which individuals or companies warrant further tracking such as PEPs. They represent a particular risk for fraud, either because of an existing position of power and influence or because of prior activities. While regulatory bodies provide often this data freely, more than 70% of banking institutions subscribe to a single source that combines multiple versions of such lists with other research information and perform the extra due diligence on identified PEPs. For example, Intesa Sanpaolo integrated EastNets sanctions and PEP filtering solution and used its graphical user interface (GUI) for further detection analysis and leveraged fully configurable and self-steering workflows. Most financial organisations want easy to use and quick to deploy solutions. For the bank, the deployment was completed within three months from initiation to production including the integration to several back office systems. Analysts forecast that the straight forward, easy to deploy AML applications will have a greater adoption and acceptance level then more complex systems equipped.