Anti-Money Laundering Trends for 2018

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Maureen Mutua

Maureen Mutua

AML Compliance Manager
Maureen Mutua has over eight years’ experience in AML and KYC compliance. She possesses extensive knowledge of laws and regulations relating to compliance such as The Bank Secrecy Act, FinCEN, Council of the EU, FATF, and OFAC with oversight for monitoring, reporting and analyzing compliance risk and creating strategies for risk mitigation. Her technical skills enable her to help financial institutions in risk identification, risk assessment, controls and development, her experience and understanding of regulatory requirements, allows her to train and provide advisory services to financial institutions to adhere to regulatory laws and supervisory requirements. Maureen is a published author of an AML/CFT book titled “Mastering Anti- Money Laundering, What I Have Learned About Dirty Money and What You Need to Know”. In 324 pages, the book covers topics such as; the role of artificial intelligence and regulatory technology in preventing ML, the risk-based approach, trade-based money laundering, suspicious transaction reporting and the Wolfsberg group standards, EU, GIABA, UN regulations with respect to KYC and AML.
Maureen Mutua

Latest posts by Maureen Mutua (see all)

2018 is a dynamic year for anti-money laundering (AML) and regulatory compliance because of the advancement of artificial intelligence and regulatory technology. The rate of change and growth in these two areas has stimulated the growth of the digital transformation of how AML risk is managed by financial institutions and provided cheaper and easier to manage digital solutions for AML. Because of this digital impact, we should expect the process of detecting money laundering to be faster in 2018 due to the leverage it provides.

Financial institutions are expected to embrace a digital strategy that corresponds to their level of risk tolerance. AI is playing a crucial role by enabling machines to learn government regulations thus speeding up easier adoption. The implementation of the ever-changing and increasing number of regulations has been viewed as a regulatory burden by financial institutions because their adoption is subject to how they are interpreted.

In 2018, we expect to see financial institutions implement the use of the blockchain to make secure payments. In May 2018, HSBC conducted its first blockchain payment. As a big global bank, the adoption of blockchain payments will enable HSBC to have a clear permanent record of payments which will make it easier to trace rogue customers. It will also make their client due diligence easier.

In my book, ‘Mastering Anti-Money Laundering, What I Learned About Dirty Money and What You Need to Know’, I talk more about how Regtech will transform AML compliance for good in the years to come, with 2018 being the turning point. To be specific, my book lays out how Regtech will stop the false positives dilemma. False positives have been a headache during client screening because they lead compliance professionals to report suspicious transactions that are not truly suspicious. My book talks about how machine learning can help financial institutions make better decisions with regards to false positives. Please get a copy on Amazon using the link below.

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Anti-Money Laundering Trends for 2018

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Maureen Mutua

Maureen Mutua

Maureen Mutua has over eight years’ experience in AML and KYC compliance. She possesses extensive knowledge of laws and regulations relating to compliance such as The Bank Secrecy Act, FinCEN, Council of the EU, FATF, and OFAC with oversight for monitoring, reporting and analyzing compliance risk and creating strategies for risk mitigation. Her technical skills enable her to help financial institutions in risk identification, risk assessment, controls and development, her experience and understanding of regulatory requirements, allows her to train and provide advisory services to financial institutions to adhere to regulatory laws and supervisory requirements. Maureen is a published author of an AML/CFT book titled “Mastering Anti- Money Laundering, What I Have Learned About Dirty Money and What You Need to Know”. In 324 pages, the book covers topics such as; the role of artificial intelligence and regulatory technology in preventing ML, the risk-based approach, trade-based money laundering, suspicious transaction reporting and the Wolfsberg group standards, EU, GIABA, UN regulations with respect to KYC and AML.

Anti-Money Laundering Tre…

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