As part of our series of events and webinars on the topic of Digital Financial Crime, we have spoken to many financial crime fighters from regulated firms, RegTech vendors and industry experts. Everyone has agreed that we can do better in tackling money-laundering. And, as we explain in this white paper, now really is the time to act to improve the financial industry’s anti-money laundering capabilities.
Taking action, however, means identifying what needs to be done. Without some means of benchmarking where your firm currently is in terms of its AML, it can be very difficult to set out a vision and plan of where you need to get to.
In this white paper, we explore how maturity models present a three-step process to understand where you are, where you want to get to and how you are going to measure that progress. This might seem very simple and obvious. However, the complexity of fighting financial crime means that many different dimensions need to be considered, including the use of innovative technology.
There are so many solutions for fighting financial crime on the market – our current data tells us there are over 360 different financial crime products. Here, we highlight how to break through that ‘fog of innovation’ and find the solutions that will help firms achieve leading AML capabilities.