Power of Data and Technology
in AML Compliance
Chua Choon Hong
Head of compliance solutions, APAC
Agenda
1. Regulatory Landscape in APAC
2. New Trend
3. Harnessing Power of Data and Technology
Regulatory landscape
in APAC1
Regulations
FATF Recommendations MAS Notice 626
India PLMA
USA BSA and Patriot Act
Cost of Compliance
Key Challenges FI face in AML
Lack of accurate available data…
Ultimate beneficial ownership data not available or
updated...
High percentage of false positives…
Risk scenario and models are not granular enough for a
large diverse client base…
High cost of compliance…
Larger teams are required to review the large quantity of alerts
generated… Late STR often leads to fines by regulators…
Changes to client data is too rapid, the quantum
of change is huge
Trade Finance
Responsibility for Compliance
• KYC on client
• CDD on vessel, country of origin, destination, dual-use
goods, port of call, all parties involved
• Key is to differentiate what is expected and is actual
New Trend2
New Technology Trend
Digital banking
Virtual banking
Block Chain Platform
AMLEfficiency
Speed
Effectiveness
Using Machine Learning on data to
fine tune better quality alerts
Using Robotic Process Automation
to automate and speed up mundane
information retrieval process
Using Artificial Intelligence to
aid decision making process
Making Better Decisions
Align for efficiency & risk appetite
DataPeople
Technology
How can we use data and technology to help people make better
and faster decisions?
Business demand for smarter “RegTech”
Harnessing Power of
Data and Technology 3
Power of Data & Technology
Client
Onboarding
• RPA can be programmed to fetch reference data from BvD for
faster turnaround in client onboarding process
Core
banking
• Enriched profile: Using BvD data to enrich baseline profile AML Analytics
Engine
• Legacy client data with missing or inaccurate data can be
compared with BvD data during ETL
AI and ML• Using ML on BvD data to train the risk models for better quality
alerts
Investigation
• Using RPA API to fetch BvD data to assist alert investigation
Increasing the Depth and Breadth of data
Build dynamic CDD risk profile of your clientsRisk-base approach and ultimate beneficial owners
Risk Factors affecting risk profile
• Industry profile
• Shareholder ownership PEP status
• Directors and contacts
• Stake in subsidiaries in high risk jurisdiction
• Negative news
Deep insights
• Visual analytics for investigation
• Follow money trail of accounts and
account holders
• Enhance investigation with
holistic view of ownership
network
Bangladeshi Heist
Deeper discovery into beneficiary
company and its details
Summary
Harness data to power your AML program
| bvdinfo.com