Tag Archives: AML

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How Big Data Addresses the Issue of Anti-Money Laundering

AML

Anti-Money laundering (AML) is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent, detect, and report money laundering activities. Money laundering activities typically aim to generate income with no regulation to maximize income for as little cash outflow as possible, with no…

Overview Of SAR (Suspicious Activity Reporting)

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Suspicious Activity Reporting (SAR) forms the cornerstone of the Bank Secrecy Act (BSA) and provides critical financial information to combat terrorist financing, money laundering, and other financial crimes. To comply with this requirement, it is essential for financial institutions to have in place sophisticated monitoring and reporting processes capable of identifying and monitoring transactions and…

AML: Dissuade Money Laundering

AML

Money Laundering Vs Terrorist Financing Money Laundering is a vicious method of making illegitimate money look legitimate by following the classic PLI (Placement-Layering-Integration) process. Criminals use this process to hide the original ownership and make the proceeds appear to have originated from a legitimate source. Terrorist Financing is even more deceptive due to the possibility…

Discover Opportunities of Big Data Analytics

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Big Data Analytics is the hammer which chisels the marble chunks of big data revealing risk patterns, fraud alerts, operational trends, customer preferences and other nuggets of information. This in turn leads to more timely identification of risks, efficient marketing, increased profits and improved customer service. What is the Goal of Big Data Analytics?   Big Data’s…