Fraud and AML at Midsize Financial Institutions: Friends or Foes?

As threats increase, financial institutions need more robust AML and fraud solutions to grow their business and protect their customers.

Fraud and AML at Midsize Financial Institutions: Friends or Foes?, commissioned by NICE Actimize and produced by Aite Group, discusses the escalating threat environment that challenges fraud and anti-money laundering (AML) departments at financial services firms, and the unique opportunity that closer collaboration between these groups presents for greater efficiency and effectiveness.

Key takeaways from the study include the following:

  • Payment types are multiplying, volumes are rising, regulatory expectations continue to escalate, and diversity of financial crime is growing at a staggering pace.
  • Advanced technologies are helping to even the playing field by enhancing both detection and operational efficiency.
  • Increasingly, midsize FIs are seeing opportunities for collaboration between fraud and AML groups to confront their challenges and investment in shared solutions.
  • Combining the organizational functions at the investigation level seems to be the area gaining the most traction.
  • Collaboration between fraud and AML groups presents opportunities for operational efficiency.
  • The use of machine-learning technologies to help with fraud and AML not only improves the expense side of the equation but also gives FIs the ability to improve the customer experience.

NICE Actimize

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