Re:The Cost of Dirty Money
by temp1928384 on Saturday February 09, 2019 @01:47PM
(#19123874)
Having worked at a payments company and helped evaluate anti-money laundering (AML) software with ex-commercial bank compliance people, I should not have been surprised but still was of how manual and subjective the entire AML investigative process is.
At a high level, it's just a bunch of business rules that trigger a massive number of alerts that you then have analyst review one by one (and clear 99%+) without any more action. When you do come across something, you file a Suspicious Activities Report (SAR) to the gov't among other things.
Very clear to me there's a market for a SaaS with some AI/ML/automation capability to reduce false positives and more easily investigate cases. The bar is very low.
At a high level, it's just a bunch of business rules that trigger a massive number of alerts that you then have analyst review one by one (and clear 99%+) without any more action. When you do come across something, you file a Suspicious Activities Report (SAR) to the gov't among other things.
Very clear to me there's a market for a SaaS with some AI/ML/automation capability to reduce false positives and more easily investigate cases. The bar is very low.