STUDY INTO CURRENT PRACTICES AND THE FUTURE DIRECTION OF AML TRANSACTION MONITORING IN THE CAPITAL MARKETS SECTOR IN EUROPE

The Association for Financial Markets in Europe has published this report which says that a key challenge that the industry faces is how to best identify money laundering activities, and that this has intensified in recent years following high-profile cases in the capital markets space which has, understandably increased regulatory scrutiny of firms’ AML controls.  AFME represents European wholesale firms’ and says that this paper is specifically targeted at its members.  It is said to consider how effective the current AML transaction monitoring approaches in the markets sector are and reviews the results that they yield.  It identifies how existing systems can be enhanced and the evolving skillset that is needed to support this.  It also looks at the use of data, technology, and enhanced analytics to further drive improvements, building stronger more efficient solutions and leveraging opportunities for intelligence-led investigations.  Finally, it also reviews the processes around the submission of SAR and explores the advantages to the sector as a whole in establishing greater collaboration between private and public sector bodies.  It is also said to consider the benefits of convergence, between market abuse surveillance function and the AML transaction monitoring function.  It makes a number of recommendations in what it describes as an initial roadmap to improve monitoring.

https://www.afme.eu/Portals/0/DispatchFeaturedImages/AFME_TransactionMonitoring2021-2.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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