The Business Value of Analytics for Anti-Money Laundering

Money laundering is estimated to be as large as $1 trillion to $2 trillion annually, which is somewhere between 2%- 5% of worldwide GDP. Almost 70% of illicit finance flows through legitimate financial institutions and less than 1% of the global trade is seized and frozen (Forbes).

To fight money laundering, AML regulations require 100% compliance, with increased fines, penalties, and sanctions.

This has created compliance and investigative challenges for banks where 95%-98% of alerts identified by Transaction Monitoring Systems are false positives (benign transactions).

In addition, false negatives (sly transactions by bad actors) slip by undetected, which is a non-compliance risk.

A better solution is needed, which is the RCG|enable™ Banking AML solution on an Enterprise Data Lake.