Can Big Data Analytics Assist Your AML Efforts?
Big data refers to a large and complex dataset that contains either structured or unstructured data collected by an organization.
Think of an Excel file that includes information collected from the CRM system of an organization, customer transactions, but also information extracted from external sourcies such as social media, databases etc.
Spotting suspicious activity manually in this sea of information is like finding a needle in a haystack.
What are big data analytics?
Big data analytics involves using advanced algorithms, statistical techniques, and machine learning models to analyze big data and provide meaningful insights.
Can big data analytics assist the efforst of AML professionals?
In short: Yes!
Big data analytics can help organizations:
Identify suspicious patterns faster than the human eye
Better understand customer risk
Perform better investigations
Automate processes, saving time
Big data analytics use machine learning algorithms.
And the beauty of machine learning is its ability to continuously learn from past data, adapting to evolving risks and trends.
This approach enhances your compliance efforts, effectively safeguarding your organization.
How can big data analytics help your organization
Big data analytics can play a crucial role in helping organizations identify suspicious patterns related to financial crime, terrorist financing, money laundering, and fraud.
Here are six ways in which big data analytics can contribute to this effort:
Transaction Monitoring: