20 Jan '22

Data Management for Effective Anti-Money Laundering Compliance – DTSQUARED Whitepaper

Abstract

Banks have a unique role in combatting money laundering and have been given a huge responsibility to monitor high-risk individuals and identify potentially suspicious transactions. When failing to do so, they are faced with large fines and threats to their license to operate. This paper explores common issues seen when banks and other financial institutions are faced with anti-money laundering regulatory compliance. These concerns include a lack of clear data ownership and responsibilities, missing or incorrect data (low data quality), having multiple platforms and legacy systems as well as multiple data sources.

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