Fraud and AML compliance – Time for a joined-up approach?
Financial institutions face ever-increasing pressure to implement and demonstrate robust anti-fraud and anti-money laundering (AML) controls and procedures – from end-point and session monitoring, to payment pattern controls, as well as analytics and intelligence. Many institutions currently separate their anti-fraud and AML units, even though the objectives of both disciplines are very similar – staying on the right side of the law while preventing financial losses and reputational damage from criminal activity. Should anti-fraud and AML divisions consider a more unified approach, since they already use similar data and tools and face the same need to succeed in the face of rising costs and regulatory focus? Are there opportunities for synergy? What barriers exist, if any, to a more joined-up approach?