Financial institutions are under increasing regulatory pressure to monitor transaction and account activity for indicators of predicate crimes – that is, illicit activities that funnel money into money laundering channels. By recognizing and reporting suspicious activities, parties and protocols, financial institutions can help to mitigate illicit activity and save potential victims from harm.
Identifying indicators of predicate crime can be complicated – and they are often different from downstream money laundering indicators. Advanced detection and analysis technologies can reduce the burden on compliance staff and improve the effectiveness of financial crime detection.
Read our white paper to learn about four types of predicate crime that are on the rise: human trafficking, environmental crimes, ransomware and economic impact payment fraud. The paper covers indicators to watch for and explores how analysts can leverage enhanced analytics, machine learning, and data science to create specific scenarios and optimize resources to focus on high-risk alerts.
Financial criminals have sophisticated technology weapons, forcing financial institutions to strengthen their defenses and reevaluate their current technology. Fortunately, advanced solutions such as enhanced analytics to combat the increased risk.
Fighting financial crime is more than meeting compliance standards. Financial institutions need more responsive and effective measures to fight criminal activity.