Anti-money laundering (AML)

AML compliance is one of the most costly and challenging issues facing the industry today. We’re working with our community to identify risks, strengthen procedures and improve efficiency.

AML and correspondent banking

Anti-money laundering (AML) is an important tool in the fight against financial crime – but it’s also an area that brings major challenges, particularly for correspondent banks.

The processes involved in identifying illicit transactions are time-consuming, inefficient and often based on outdated technology. Many of the AML monitoring systems used by correspondent banks were originally developed for retail banking, so are not equipped to deal with the complexity of correspondent banking.

And although the industry is spending billions of dollars on AML – with banks filing millions of suspicious activity reports (SARs) – very few illicit flows are blocked in practice. It’s clear that more information needs to be shared between governments and financial institutions if AML measures are to succeed in tackling financial crime.

Artificial intelligence and machine-learning can help crunch data more efficiently

Using new data techniques in financial crime compliance, SWIFT’s Tony Wicks talks to Risk.net

Overcoming AML challenges in correspondent banking

Find out how our Compliance Analytics solutions can help you leverage your SWIFT message data to support financial crime compliance, and strengthen your correspondent risk management.

AML and Assurance, can RegTech define a better path?

Banks need to overcome many problems where anti-money laundering (AML) and assurance is concerned. But what are the main challenges and how can banks use emerging RegTech solutions to close the gaps?

Latest insights on AML

5 June 2018 - Using new data techniques in financial crime compliance, SWIFT’s Tony Wicks talks to Risk.net

20 March 2018 - Counter terrorist financing

19 March 2018 - Fraud and cyber high alert

13 March 2018 - Future Trends in Sanctions

Can automation, artificial intelligence and outsourcing resolve inefficiencies?

AML and the role of technology

22 February 2018 - The future of Financial Intelligence sharing

The key to fighting financial crime?

15 January 2018 - Strengthen your sanctions and anti-money laundering checks

Know who you’re doing business with.

22 November 2017 - AML and Assurance, can RegTech define a better path?

16 October 2017 - SWIFT aligns KYC Registry with updated Wolfsberg Due Diligence Questionnaire (DDQ) for Correspondent Banks

6 October 2017 - Overcoming AML challenges in correspondent banking

22 June 2017 - Rising to the challenge

15 June 2017 - Five questions to ask yourself about your DFS certification readiness

6 March 2017 - Combatting financial crime: Machine Learning

Exploring the potential of machine learning, and of adopting a joined-up approach to anti-fraud and AML programmes