As COVID-19 continues to keep us socially distanced and remote, WorkFusion and leaders in the Anti–Money Laundering (AML) industry were still able to connect at The AML Cost Takeout Summit 2020. While engagement is a bit tricky from our individual laptops at home, we did interact with the real-time audience via poll questions. Let’s discuss the results.
1. What is primarily driving a sense of urgency for improving your AML function?
The vast majority of attendees were AML leaders looking for areas to improve, and we always want to understand what’s driving them toward change. For these folks, was it:
- Growth Needs
- Cost Efficiencies
- Risk Reduction / Mitigation
- Organizational Restructuring
- “Everyone else is doing it, so we need to get onboard”
The largest group of respondents said they are looking for risk reduction and mitigation, a typical top concern of leaders within a regulated industry. Many other respondents said they have an urgent need for growth or are simply looking to achieve cost efficiencies.
2. Which of your financial crime compliance functions could use help from automation?
Here, we’re asking customers to think about areas of their AML operations where there’s a strong need for automation, listing some top options from our Use Case Navigator:
- Adverse Media Monitoring (Negative News)
- Name Screening Alert Review for Sanctions and PEPs
- Payment Screening Alert Disposition
- Ultimate Beneficial Owner (UBO)
- Transaction Monitoring Narrative Creation
Based on the results, the aspect of AML in most need of automation is Name Screening Alert Review for Sanctions and PEPs, quickly followed by Adverse Media Monitoring (Negative News) and Payment Screening Alert Disposition. But the need don’t end there: Transaction Monitoring Narrative Creation and Ultimate Beneficial Owner (UBO) both polled strong.
This was an AML automation conference that doesn’t have to end: I encourage you to watch the many sessions of The AML Cost Takeout Summit 2020 on demand, browse our Use Case Navigator tool, or visit other useful content on WorkFusion.com.
Please feel free to reach out anytime — we’re always happy to discuss any questions you may have.