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April 18, 2016
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Big Data – Banking’s New Weapon in War Against Financial Crime

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:

  • How to ingest diverse data on the fly – ranging from core banking data and terrorist watch-lists to fraudulent entity.
  • Monitoring every transaction for money laundering patterns from customer on-boarding, oftentimes resembles the proverbial needles in a haystack.
  • Performing entity-linked analysis to help detect relationships across entities that could signify organized money laundering rings.
  • Creating aggregate and individual customer personas that adjust dynamically based on business rules.
  • Integrating with a Business Process Management engine so that the correct information can be presented to the right users as part of an overall business workflow.
  • Integrating with other financial institutions to support complex business operations such as Know Your Customer’s Customer.
  • Providing a way to efficiently create and change compliance policies and procedures as business requirements evolve.
  • Using an integrated approach to enforce compliance and policy control around business processes and underlying data as regulations are introduced and modified.

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

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