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How Nasdaq is fighting financial crime in California

On Behalf of | Sep 24, 2020 | Criminal Defense |

The company Nasdaq has created an automated investigator on anti-money laundering that tracks financial crime. Nasdaq is committed to combatting financial crime and promoting market integrity. Here’s a review of Nasdaq’s mission on fighting financial crime.

What does anti-money laundering offer?

The Nasdaq Automated Investigator for anti-money laundering, or AML, is the newest solution offered by the financial giant. It is an investigative layer added to the AML process, and it automates review and analysis processes generated from the Transaction Monitoring System. The outcome is a clear rationale and evidence that supports the outcome of the analysis. Every case that passes through this solution is either fully or partially mitigated for criminal defense.

The automated investigator reportedly provides banks and other financial institutions with productivity, efficiency and consistency in decision making. Additionally, these financial institutions gain confidence during auditing since Nasdaq’s priority is reporting regulator-friendly audit trails. The automated investigator increases operational efficiency by 40% to 60%.

Why does Nasdaq want to get into the anti-money laundering solutions ecosystem?

Money laundering is a $4.4 trillion problem, and only 1.5% of alerts result in suspicious activity. Nasdaq is a market practitioner and technology solutions provider that wants to provide transparency, integrity and efficiency in the financial ecosystem. The company’s mission is to eradicate illegal money from the financial ecosystem, and AML can reportedly make a massive difference.

What gaps will AML solve?

In financial crime, automated investigations management is underserviced. Money laundering is done in a wide array of techniques. Thus, financial institutions cast a wide net to discover the perpetrators. In extreme cases, AML could trigger up to 300,000 alerts monthly. Therefore, many banks have tightened parameters to reduce these alerts. When the banks tighten their models, they risk missing criminal activities. Automated AML provides intelligence that manages the accumulation of alerts.

Although there is evidence of money laundering in the financial market, financial institutions are working to curb its occurrence. If you are accused of money laundering, you may want to ask a criminal defense attorney about your next steps.