How to Succeed at Knowing Your Customer

Australian market's new platform sets an example for management of key data for anti-money laundering efforts. Wei-Shen Wong reports.

maria-milosavljevic-austrac
Maria Milosavljevic, chief information officer, Australia Transaction Reports and Analysis Centre

In a time where it is seemingly easy for individuals and corporations to commit fraudulent activities, banks are continuously ramping up their systems and checks to monitor activities and alert them if a suspicious transaction surpasses their internal thresholds.

At the same time, regulators are clamping down on banks and requiring more and more of this data to be reported, and putting in place more regulations to help handle such threats. Most banks monitor their data in silos, potentially

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