Tackling AML Compliance with Technology: The Importance of Knowing Your Data
Presented by FinScan and Refinitiv
Many organizations find that their current platforms and processes can no longer efficiently support their growing AML compliance needs due to the large amounts of data being consumed and required. In an effort to address this issue, they are turning to new technology in market that helps distill large amounts of data into actionable information by removing the “noise”.
An often-overlooked but key component to the success of this technology is the data itself. Organizations must consider questions such as what type of internal data is being provided and the condition it is in, what data is being used to evaluate relationships, and what data is required to meet regulatory requirements. It’s the age old “bad data in = bad data out” conversation, but on a much larger scale and with much higher stakes! Understanding your data requirements before evaluating new technologies will prevent a lot of headaches later on.
Please join Refinitiv and FinScan as we discuss common pitfalls we’ve seen during actual client implementations, and learn the key areas that you should examine before making a move.
Topics to be covered:
- How to evaluate your internal data readiness to adopt a new technology
- Questions to ask your data vendor, screening vendor, and internal team to ensure a successful migration to a new system
- Practical tips and Key Success Factors to ensure successful data management in new technologies
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