Banks are wasting money chasing ghosts

According to recent research done by Fortytwo Data, an AML technology firm, banks are squandering £2.7bn per annum chasing false leads due to outdated AML systems.

Fortytwo Data estimates that 55% of “false positives”, which accounts for up to 42% of the financial institution’s costs are eradicated by most modern systems.

Link: https://www.fx-mm.com/news/68672/banks-wasting-almost-3-billion-aml/

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The Caribbean Association of Banks, Inc. is the representative body and recognized voice for banks and other financial institutions in the Caribbean. We seek to influence policies and legislation which impact the sector by advocating on our members’ behalf and participating in the global network of similar institutions.

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