How to deliver tech-driven AML solutions...without failing webinar!
The best estimate for money laundered worldwide per year now sits at 2-5% of global GDP (a staggering $800 billion-$2 trillion), while according to the Basel Anti Money Laundering (AML) Index, the average jurisdictional money laundering risk score increased from 5.22 to 5.3 (out of a maximum score of 10) in 2021.
Organisations and governments are working hard to meet these challenges head on, however, the complexity and operational burden of this comes at a huge cost. This year, Lexis Nexis estimated the total cost of financial crime compliance for UK financial services alone to be £34B, equivalent to almost three quarters of the UK’s defence budget for 2021/22. Also, costs relating to technology spend and resourcing made up over 50% of the compliance cost for the first time.
So, as organisations look to increase their automation to combat AML challenges, how can we ensure that the money we are investing delivers on our intended goals?
Watch the on-demand version of the webinar to learn and discuss:
• What are some of the internal and external drivers for change
• What are some of the key reasons that technology-driven AML strategies fail
• What needs to be considered in terms of digital transformation to make projects a success
• How can organisations make sense of the bewildering number of technologies available
• How is the market changing over the near term from a technology perspective
Request replay now!
Duration: 40 mins
Mike Harris, Financial Crime Risk Consultant, FCC Consulting
Steve Lamb, COO, Kyckr
Oli Platt, Product Manager, NayaOne