Enhancing
Efficiency and
Effectiveness in AML

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* Source: TDWI report  

In 2015–16, FINTRAC conducted 739 compliance examinations across Canada and found a 24% increase in suspicious transaction reports. To address this, an increasingly daunting framework of anti-money laundering (AML) laws and regulations has emerged for banks and financial institutions, which regulatory agencies are aggressively enforcing. The fines for the organizations that fail to comply are extensive. The big challenge for banks and financial institutions, is how to continuously optimize their systems and processes, in response to these ever-more sophisticated money- laundering techniques and growing regulatory demands. Many have felt the cost and disruption of implementing a new system unviable, but the potential consequences of exposed non-compliance have become prohibitive.

For big institutions, the answer lies in automation and optimization. The former generally follows an incremental approach commonly known under the label of Robotic Process Automation, while the latter takes advantage of technological advancements such as in-memory processing, employment of Hadoop clusters or expertly controlled (white box) AI solutions. Faced with growing requirements in terms of headcount, expertise, additional software and hardware investment and managing these additional assets, financial institutions are increasingly considering outsourcing as a solution. Large and small institutions may have different preferences from on-premise managed services to subscription-based cloud solutions within the limitations of data protection and data export restrictions.

Based on the technology provided by SAS and the expertise of its consultants, Consortix helps banks in effectively managing Anti-Money Laundering (AML) and Counter-terrorism financing (CTF) operations and comply with regulations. Consortix offers AML/CTF compliance solutions and a full range of services: consultancy, implementation services and support. With agile teams in the Canada, Belgium, Germany and Hungary and Slovakia the company delivers successful projects cost efficiently with short turnaround worldwide.

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