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The high-stakes effort to combat illicit finance

New research from Aite Group and Early Warning details FIs' efforts to improve their effectiveness and efficiency in AML detection

Boston, June 18, 2013 – Increasing pressures on banks' anti-money laundering (AML) and fraud teams to improve detection results in a continuing quest to improve both effectiveness and efficiency according to research today from Aite Group.

Aite Group interviewed eight financial crime executives the top 30 U.S. depository financial institutions from May to June 2012 as well as 11 financial crime executives from eight of the top 30 U.S. depository financial institutions by asset size between March 2013 and April 2013.

Most FIs are between a rock and a hard place when it comes to AML compliance. On one hand, the regulatory pressure and focus on AML efforts will only continue to intensify for FIs. On the other, the challenges around top-line revenue growth for banks continue to put pressure on all cost centers, including compliance. In light of this reality, FIs need to continually examine their AML efforts and seek creative options to improve both their efficiency and effectiveness. 

Technology is seen as a key enabler of collaboration across financial enterprises and enables not only a holistic view into customer activity, but also facilitates collaboration between fraud and AML groups. This can create opportunities for efficiency while also improving detection and compliance.

“There is a strong need for more dynamic and real-time data-sharing capabilities both within and among financial institutions. Banks should use improvements in technology to eliminate the clunky and often bureaucratic processes that characterize the sharing of data, and become more dynamic and proactive in their AML detection capabilities. Some early movers in the U.S. market are doing this,” says Julie Conroy, Research Director in retail banking at Aite Group.

“With the rapid rise and sophistication in criminal activity, it is critical that financial institutions fully leverage the benefits of advanced analytics, cross-institution collaboration and information sharing,” says Paul Finch, CEO, Early Warning.  “We are working closely with our client banks to develop innovative solutions that incorporate all three benefits, and improve our ability to detect complex patterns of money laundering and fraud.”


About Early Warning
Early Warning Services, LLC creates actionable intelligence to help financial organizations fight fraud, isolate and manage risk, and remain compliant to protect the entire financial system. The company is owned by five of the largest U.S. banks, but collaborates with financial institutions of all sizes as well as with government agencies, payment processors and check acceptance companies. Early Warning offers a unique view of the financial system that enables clients to manage take appropriate action at the earliest point of detection. For more information, visit

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