Anti-Money Laundering Transaction Monitoring Systems Implementation

Regulators across the globe continuously work to require banks, insurance companies, casinos, and securities trading firms to supply automated systems that combat money laundering and other financial crimes. As the regulatory regimes have become more complex, many firms struggle with the implementation of effective solutions that will protect them from the onerous penalties that accompany violations of these regulations.

Anti-Money Laundering Transaction Monitoring Systems Implementation: Finding Anomalies delivers a comprehensive and insightful analysis of all facets of anti-money laundering (AML) transaction monitoring. Accomplished consultants, technologists, and authors Derek Chau and Maarten van Dijck Nemcsik offer readers a treatment of AML techniques that is not confined to specific coding strategies or individual company solutions. Instead, they provide a fulsome examination of high-level concepts in AML, like how to detect anomalies in data and examples of known abnormal behavior, before narrowing their focus toward the real-world implementation of AML techniques.

Readers will learn about transaction monitoring strategies in individual industries like banking, gambling, insurance, and securities, as well as regulatory requirements in each of these spaces. The authors also discuss up-and-coming fields, like blockchain and machine learning, and the effects they might have on the AML space in the years to come. The book describes all the nuts-and-bolts of implementing AML transaction monitoring, from typical scenario elements and their granular details, to entity resolution and watchlist matching. Customer segmentation and scenario threshold tuning are also discussed at length.

Perfect for compliance officers, managers, and chief financial officers, Anti-Money Laundering Transaction Monitoring Systems Implementation also belongs on the bookshelves of executives working in industries where AML is a core regulatory requirement, as well as IT employees and bankers who regularly interact with AML systems.