Banks’ AML divisions wasting almost £3 billion every year


May 8 2017

Banks are squandering £2.7 billion a year chasing false leads because outdated anti-money laundering (AML) systems have never been upgraded, according to research by AML technology experts, Fortytwo Data.

Spend by banks and firms in other regulated industries on AML compliance is predicted to hit £6.4 billion globally this year and Fortytwo Data has calculated that, on average, 55% of ‘false positives’ and inefficiencies can be eradicated by the most modern systems, accounting for 42% of institutions’ AML costs – that equates to £2.7 billion.