A handful of financial institutions looking to improve how they manage their compliance risks are venturing beyond conventional transaction-monitoring processes to analyzing the totality of their interactions with clients, according to senior compliance professionals. The burgeoning practice, which is also known as interaction monitoring, consists of analyzing information already collected on when, where and how customers login to their accounts, check their balances or otherwise engage with their institutions beyond their typical patterns of making and receiving payments. A handful of lenders now analyze the previously siloed information in combination with data pulled from transactions flagged by their automated screening...
Fear of regulatory disapproval and data integrity concerns have kept some U.S. financial institutions from more fully incorporating machine learning and other artificial intelligence-based monitoring tools into their anti-money laundering programs, say sources.
Some of the country's largest financial institutions are increasingly seeking to hire more data analysts in efforts to make better sense and use of complex sets of transactional and customer information, say sources.
Anti-money laundering, fraud prevention and cybersecurity personnel should more frequently collaborate to guard their institutions and their customers against online intrusions by criminals and state-sponsored groups, U.S. officials said Tuesday.
Several of the world's largest financial institutions are years into the process of rethinking and updating how they share the personal information of their customers across borders to thwart illicit finance.