Money laundering, as a concept, generally springs to mind outdated images of dodgy dealings within dimly lit alleyways, but the reality is that it's a risk that exists prominently within the cyberspace. As it currently stands, cybercriminals launder over $2 trillion every year and yet very few organisations are working to combat it. Some organisations look towards training, but a key step that many overlook actually exists within the tech space. This is where new forms of anti-money laundering technology and software comes in.
What anti-money laundering software encompasses is now broader than it ever has been. Every technology from transaction monitoring software to RPA all the way to anomaly detection works to prevent money laundering in one way or another. What anti-money laundering software is capable of doing in 2021, particularly new technologies, by far surpasses the limitations that legacy software causes; outdated software wastes human resources and often leads to false positives.
In this episode of Tech Chat, Head of Content at EM360 Max Kurton talks to Imam Hoque, Chief Product Officer at Quantexa, about some of the huge advancements anti-money laundering software has made in recent years.
Want to hear more from Quantexa? We also spoke to them about the advantages of entity resolution here.
