A recent survey of banking executives showed the overwhelming majority plan to increase spending on automated Anti-Money Laundering (AML) transaction monitoring and on staff to help strengthen their compliance programs. The survey of U.S. and international executives found that more than 71 percent of respondents said their financial institution has an automated system to help monitor transactions and identify potentially suspicious activity. Regulators need to have the ability to look back at transactions over a period of time, on a historical level for the purpose of detecting suspicious activity, said KPMG’s Darren Donovan.”]
Source: https://www.cuinfosecurity.com/automated-aml-tools-prove-popular-for-compliance-efforts-a-427