Why Transaction Monitoring Isn't Working Like it Should and What We Can Do to Fix It
January 2022 - In this episode of AML Voices, our expert panel discussed the challenges with traditional Transaction Monitoring approaches, and how you can enhance your program through more sophisticated approaches to efficiently identifying suspicious activity. For every alert that results in a Suspicious Activity Report, 20-50x end up on the cutting room floor. These investigations are time consuming, and this leads to a lot of low-value effort being expended across financial institutions. Our panelists discussed some key reasons for this, and – most importantly – what we as Financial Crimes professionals can do to change the paradigm.