In response to a UK Financial Services Authority’s (FSA) discussion paper on reducing money laundering risk, Mantas, a global provider of anti-money laundering (AML) technology, has called for the establishment of an industry coalition that would develop a monitoring standard to combat money laundering. This would help major financial firms put technology in place to identify and eliminate money laundering without increasing the regulatory burden on financial institutions.
Mantas believes that effective know-your-customer and AML programmes underscore a risk-based approach to fighting fraud and that automated monitoring systems offer benefits such as an understanding of customers’ needs and an enhanced ability to detect and prevent laundering activity. Mantas also suggests the FSA consider introducing a system to incentivise firms to implement effective AML controls.
