Blog post by Vamsi Chemitiganti, General Manager-Financial Services, Hortonworks and Joe Gillespie, Anti-Money Laundering Leader, Booz Allen Hamilton
Now more than ever, advanced analytic technology is a necessity in creating an effective anti-money laundering (AML) compliance program. As data volumes grow from a high number of customers using multiple channels (including ATM kiosks, online and branch banking and call center), and from transaction complexity, more types of data are on-boarded at an increasing incoming velocity.
AML officers, compliance officers and financial crimes managers are faced with many new challenges including:
Existing AML programs clearly fall behind in almost all of the above areas. While financial services firms have taken measures to improve programs, such as fine-tuning alert systems to reduce false positives, and investing in human capital to manage the growing number of investigations, they must look to Big Data to take their AML programs to the next level.
To learn more, watch the recording of the April 21 webinar “New Frontier of Anti-Money Laundering” with Hortonworks and Booz Allen Hamilton