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Comment: Banks Waste Billions on AML Compliance
Dean Curtis, Managing Director at LexisNexis® Risk Solutions, comments on Fortytwo Data’s research that shows that banks are wasting £2.7 billion a year chasing false leads due to outdated AML systems
“Financial services firms are growing increasingly concerned over the mounting costs and reduced effectiveness associated with customer due diligence. Not only do banks have outdated legacy systems, they are plying them with poor quality data when analysing customer risk. This is what generates such high numbers of false positives.
“These ineffective systems and processes therefore continue to act as costly barriers to fighting financial crime. However, firms are unwilling to spend millions overhauling these legacy systems until industry confidence in next generation systems’ track record is far higher, and they offer genuine value for money.
“Instead, firms should be looking to continuously improve the quality of their input data, and in effect using their pre-existing data more intelligently. This approach will allow banks to resolve many more AML alerts with fewer people. As it stands, firms are throwing time, money and people at the wrong solution, which is already proving to be a costly mistake.”
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