Anti-money laundering using technology
Various methods, techniques and procedures are used to fight money laundering – this is, actually, what most of the previous posts are about. However, money laundering can be fought not only by means of human resources, but also by means of technical resources.
It goes without saying that no information technology can replace a man – especially, well-trained, educated and competent specialist – but there are many money laundering techniques that are becoming more and more sophisticated. So, the technology can also be efficiently used to fight money laundering.
To make an example, Deutsche Bank uses a world-wide information system for monitoring potentially illegal transactions. With the help of this system, the bank has reduced the number of employees working on money laundering prevention from 50 to just four.
Anti-money laundering software packages are now what surprises nobody – they are just common for many companies and institutions. These recognize fraudulent scenarios, detect links between accounts and find suspicious behaviour.
Just some of numerous anti-money laundering software producers are STB Systems, Searchspace and ACI Worldwide.