As the financial services business changes there is a continued escalation of regulatory expectations, driving the frequency and volume of regulatory fines and actions. Sophisticated crime groups, which are both well funded and leveraging advanced technology, are spurring the increased appetite to share financial crime data. In addition, governments across the globe have opened the door to greater sharing of financial crime data (FATCA) that could lead to even greater information sharing in the near future; Cyber crime, AML and possibly Fraud data.
These AML challenges drive the need for further investments in people, technology and innovation. The essence of the future must incorporate a firmer grasp of who are you doing business with and KYCC compliance pressures. By tapping into the power of both context and predictive analytics institutions will be able to more effectively meet the compliance risk challenge.