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Webinar recap: Data and technology – the perfect partnership for AML compliance

By Cheri Burns | Wed 8 July, 2020

With ever-changing regulations impacting the information you need to gather for KYC purposes, it has never been more important to get your Anti-Money Laundering (AML) compliance processes right.

In order to truly excel, organizations must also take advantage of how technology, and the right data sets, can power compliance programmes. But, how do you do this in a way that ensures maximum benefits?

That’s what we asked during our webinar, in association with Refinitiv, as Robyn Todd (Senior Product Manager, Encompass) and Emma Miller (Global Head of Partnerships, Refinitiv) explored the importance of using the right data with the right technology, giving insights into how to truly accelerate processes.

During the discussion, which you can watch in full here, they explored:

  • Types of data needed for successful AML compliance
  • What good quality Enhanced Due Diligence (EDD) data looks like
  • Why it is important to use multiple data sets
  • What good quality technology looks like
  • Utilising best-in-class data and technology

Data and technology

The perfect partnership for AML compliance

The importance of data

To begin the discussion, Emma outlined the importance of data when it comes to AML compliance, but noted that it is sometimes seen as the “secondary piece of the puzzle.”

Giving the view of compliance professionals, Emma highlighted a Refinitiv survey, which questioned respondents on technology and the prevention of financial crime, with areas such as AI and blockchain being noted as key components in the fight against the problem. These, she highlighted, all rely on data and “do not work in isolation and need strong data”.

Good vs great

According to Emma, when understanding what ‘good vs great’ data looks like, data and identity verification can go hand in hand. In explaining how the identity verification process relies on data, she delved into data sets and what is needed for successful compliance, as well as analyzing research that outlined priorities of professionals and the impact this may have on choices made.

The power of automation

Before taking us through the associated benefits of automation, Robyn discussed unpacking ownership and screening. “How do you know who or what to screen?” and “can you confidently evidence a risk-based approach are just two of the questions she asked as she reflected on the impact of the changing world of regulations, data and processes, and the challenges that come as a result.

So, how does automation solve these challenges and answer these questions? We know that automation brings an assurance when it comes to factors such as quality, cost saving and end the overall onboarding experience.

And, according to Robyn, consequences of non-compliance, such as fines, have meant that institutions know they need to alter their processes.

Crucially, she said:

Starting with trustworthy data is the first step. Combine that with great automation technology and many of these issues shrink back to manageable challenges.

Going further, she noted how the automation of data collection and initial interpretation has proven to be a “gamechanger”, while integrating with large, powerful data sets lifts the burden.

Taking the leap and using first level technology, Robyn believes, “opens a world of clever, innovative thinking” and provides opportunities around business value.

Ensuring a successful data and technology partnership

One of the key questions Robyn and Emma answered during the webinar was centered around what a successful data and technology partnership looks like, with some insight shared being:

  • Don’t just focus on the initial integration – data changes and you must reflect that
  • Gave a good understanding of customer issues and how data and technology can serve that
  • Good data enables automation – remember “they power each other”

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