AML: Talking typologies and the need for collaboration

The ecosystem for preventing financial crime is under-performing, with as little as 1% of illicit transactions in Europe being recovered. And though a huge amount is known about predicate crimes and how criminals use the financial system to legitimise their ill-gotten funds, there are still unsatisfactory recovery rates of these gains.

Having a better understanding of how these crimes manifest in patterns of money-laundering behaviour, will improve risk identification and investigative activities.

We teamed up with Napier to host a webinar about identifying typologies of various predicate crimes for money-laundering, how AI solutions can help to solve some of these issues and why it is important to collaborate on sharing financial crime typology information and intelligence. This virtual event went through:

• How financial crime typologies are currently discovered and shared
• The associated challenges and why they arise
• How we can leverage AI and other technologies to overcome some of these challenges
• The benefits of increased collaboration around the sharing of new typologies and risk indicators