Millions of records. Billons of transactions. One chance to uncover suspicious activity
Anti-money laundering and Know Your Customer (KYC) efforts have never been more critical than today. Failure to comply with increasing government regulations can cost you fines…and your reputation. But effective AML measures depend on the ability to quickly and accurately identify individuals…and the connections between individuals.
And that’s where many banks and financial institutions stumble. They can’t be confident their systems won’t miss a critical match because identity information is simply subject to too many variations and errors – from typos to foreign versions of names, not to mention deliberate fraud. And the challenges are
simply getting tougher:
- Ever-changing compliance mandates and policies
- Conflicting and disparate data sources
- Balancing resources, risk and returns
- Increasing volume and sources of watch-lists and enterprise data
Put another way, the challenge is to create a system that can accurately track all the ways an individual interacts with the company in order to spot suspicious activities.
That’s why the most successful AML and KYC efforts incorporate technology from Identity Systems.
For more information, please see our brochures, whitepapers and presentations, our customer success stories, or contact us directly.
