Achieving a 360-degree view of the customer has been an elusive goal in antimoney laundering (AML) compliance. Technologies are now available to support an entity-centric, dynamic approach to AML for improved efficiency and accuracy.
Understanding the customer is a foundational enabler in financial services. This is as true for financial crime compliance—including AML and anti-fraud—as it is for the business.
An accurate assessment of customer risk is essential to an effective anti-financial crime program, just as credit profiles are needed to maintain a healthy loan portfolio. And just as digital technologies and alternate data are modernizing credit decisions on the business side, artificial intelligence (AI), data, and analytics hold the key to smarter, more accurate decisions in risk and compliance.