Financial firms are in business to make money.
1. Financial firms are in business to make money.
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Criminals try to use, exploit the financial system.
3. Criminals try to use the system.
To make money clients have to be onboarded.
To onboard clients complete KYC processes.
5. To Onboard clients:
complete KYC processes.
Client transactions must be consistent with known business.
6. Clients Transact.
Analytics is essential in detecting money laundering patterns.
7. Analytics spots ML patterns.
Regulation enforces the prevention of money laundering, countering the financing of terrorism and prevention of financial crime.
4. Regulation enforces prevention of Financial Crime.