business forensics

The 1 thing compliance managers need to save their bank from regulatory fines

Regulators expect banks to fight against crimes like money-laundering, insider trading and identity theft. They also expect banks to enforce sanctions. If banks don’t comply, they can expect hefty fines. As a result, compliance departments of banks have sharpened their monitoring rules and are now generating an enormous amount of alerts. Those alerts need to be handled and assessed by compliance agents, an increasingly impossible task given the amount of work.

The current solutions are inapt to comply with regulations as proven by the $321 billion fines banks have paid since 2008. It’s time to adopt a new solution.

This white paper proposes for banks to adopt a solution based on innovations in data management and state-of-the-art machine learning. A machine learning system learns from the experience and feedback of the compliance agent. As a result, the false positives and thus the total number of alerts are reduced. This solution is much more sensitive when it comes to catching true positives as it combines and enriches the alerts using data that transcends the account level. This means that criminal behavior is identified much earlier than with any of the current solutions. And on top of that, indicating risky and criminal behavior becomes a much more accurate process with this modern solution than it is now.


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