When it comes to anti-money laundering (AML) transaction monitoring, financial services firms are under more pressure than ever to prove that the approach they are taking is working. Regulators want to see obvious evidence that firms are generating the right level of suspicious activity reports (SARs) for their size, geography, and business types, usually in the form of statistics and reporting. In turn, boards and senior management teams are now demanding to see this same information to be sure the firm is meeting its compliance obligations.
As a result, AML transaction monitoring analytics are in more demand than ever before. Below are nine key reasons why financial services firms are putting AML analytics dashboards and reports in place.