Nasdaq (NDAQ) has launched the cloud-deployed Nasdaq Automated Investigator for anti-money laundering or AML. It will address gap in anti-money laundering investigations process in retail and commercial banks and other financial institutions.
Nasdaq noted that AML Transaction Monitoring systems could potentially trigger as many as 200,000 to 300,000 alerts per month in extreme cases. In response, many banks have tightened the parameters within their AML Transaction Monitoring systems or added additional scoring mechanisms, thereby reducing alerts.
However, when banks tune their models too tightly, they run the risk of missing criminal activity and exposing themselves to regulatory sanction. Even those that have tightened their parameters can experience 20,000 to 25,000 alerts in a month.
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