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Future state AML: Using advanced technology to reimagine transaction monitoring
Journal of Financial Compliance,
7
(3),
256-267
(2024)
Abstract
Anti-money laundering teams are increasingly looking to implement advanced technology, including machine learning and artificial intelligence, to help reduce workloads while ensuring compliance with applicable regulation. However, much of what is being implemented today sits on top of legacy systems and is aimed less at effectively detecting financial crime and more at reducing false positive alerts. This paper reimagines how AML compliance can implement advanced technology from the ground up to not only reduce the number of false positives, but to also provide more useful and timely information to law enforcement. All technology discussed in this paper is currently on the market or under development. The paper can be used as a starting point for AML teams to think about how they can implement advanced technology end to end in order to improve the transaction monitoring process and suspicious transaction filings.
Keywords: anti-money laundering; ma-chine learning; artificial intelligence; BSA; suspicious transaction filings
The full article is available to subscribers to the journal.
Author's Biography
Chris Phillips is an anti-money laundering (AML) and sanctions compliance subject matter expert with over fifteen years of industry experience. Currently serving as the Director of AML Compliance for Valley Bank, he is responsible for implementation and oversight of the bank's AML and sanctions compliance programmes, including suspicious activity investigations and filings, enhanced due diligence reviews, Office of Foreign Assets Control alert reviews, cross border compliance and the cannabis banking compliance programme. Chris received his bachelor's degree in psychology, philosophy and religion from Graceland University, and his master's degrees in Asian studies and in diplomacy and international relations from Seton Hall University. He is a certified AML and fraud professional, certified anti-money laundering specialist and certified financial crimes investigator.
