Traditionally financial institutions have relied heavily on manual, human intervention in the regulatory reporting process humans literally putting pen to paper.
Trade institutions are finding it particularly challenging to meet these heightened expectations due to manual processes and legacy technologies that no longer keep pace with the huge volumes of data being produced and the complexity of the global banking environment.įrom ‘pushing paper’ to learning machines Governments and regulators are putting financial services firms on the front line in the fight against financial crime, with increasingly rigorous compliance requirements. With more than US$26 billion in fines imposed by global regulators in the last decade for non-compliance with Anti-Money Laundering (AML), Know Your Customer (KYC) and Sanctions regulations², there is a material need for change.
With increasingly rigorous compliance requirements and growing levels of data, fighting financial crime has never been more difficult.Ĭombating global financial crime activity, from money laundering and market misconduct to sanctions, terrorist financing and bribery and corruption, costs an estimated US$1.3 trillion annually, according to a 2018 Refinitiv Survey¹.
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