The velocity of banking transactions continues to rise despite the economic challenges of COVID-19.The volume of data continues to prove to be too expansive for effective processing in a traditional on-premises data center solution.The big data challenges and observations include: The following diagram is a conceptual architecture for a transaction monitoring solution on the AWS Cloud.ĭue to growing digital channels for facilitating financial transactions, the increasing access to financial services for more people, and the growth in global payments capturing and processing data related to TM is now considered a big data challenge.
In this post we focus on transaction monitoring by looking at the general challenges with implementing transaction monitoring (TM) solutions and how AWS services can be leveraged to build a solution in the cloud from the perspectives of data analytics risk management and ad hoc analysis. Addressing money laundering at a high-level covers the following areas: In light of this, there is an urgent need to have effective AML systems that are scalable and fit for purpose in order to manage the risk of money laundering as well as the risk of non-compliance by the banks. For most banks, know your customer (KYC) and anti-money laundering (AML) constitute the largest area of concern within the broader financial crime compliance. Apart from the fines, the overall cost of compliance for global financial services companies is suspected to have reached $181 billion in 2020. Over the past 10 years, the level of activity in financial crimes compliance in financial services has expanded significantly, with regulators around the globe taking scores of enforcement actions and levying $36 billion in fines.
The detection and prevention of financial crime continues to be an important priority for banks.
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