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For AML Departments, Rise of ‘Big Data’ Will Mean New Challenges, Tools: Industry Experts

By Brian Orsak

U.S. financial institutions and their regulators will eventually need to collect and analyze increasingly large volumes of information on their clients and compliance efforts, bankers and officials said Monday. Increasing digitization and vast improvements in how information can be managed has made it possible for more financial institutions to utilize so-called "big data" as part of their efforts to curb financial crimes, according to panelists at the 2013 ABA/ABA Money Laundering Enforcement Conference in Washington, D.C. "I actually am starting to embrace the idea of big data," said Rick Small, a senior vice president in the anti-money laundering (AML) division...

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