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Financial Crime Monitoring

Authored by: Shubha Mahawar - Senior Consultant, Synechron

Executive Summary
The United States and European Union regulators have imposed USD 342 billion worth of fines on banks since 2009 for misconduct, including violation of Anti-Money Laundering (AML) rules. This number is expected to reach USD 400 billion by 2020. The US remains ahead on this front, but Asia-Pacific (APAC) peers, especially those in Australia, are increasingly catching up. In June 2018, the Commonwealth Bank of Australia was fined a record penalty of USD 529 million due to Money Laundering (ML) breaches. While this does not compare to the billions enforced on US banks, there has been enhanced scrutiny among APAC regulators. As such, the region has been investing heavily in large transformation programmes – specifically within the domain of Compliance, AML and Transaction Monitoring Systems (TMS).

In this paper, we discuss the widening gap between the internal operating environment in Financial Institutions (FIs) and the increasing regulatory expectations that demand an agile, adaptive and effective Transaction Monitoring (TM) programme.

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