Why and how to embrace entity resolution and contextual monitoring

Aaron Wolf
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Aaron Wolf: Deputy Head of Anti-Financial Crime for the Americas, Deutsche Bank, USA

Journal of Financial Compliance, 2023, vol. 7, issue 1, 7-14

Abstract: Criminal activity is an unfortunate constant in life. Some criminals are highly sophisticated, others not so much. The common objective of each criminal, regardless of the level of sophistication, is to stay at least one step ahead of the system of controls in place to prevent, detect and report their illicit activity. From a transaction monitoring perspective, criminals had a significant advantage for some time with the ineffective rules-based transaction monitoring (RBTM) that most banks utilise. The scale is beginning to tip back in our favour with the advent of new and improved technologies, such as entity resolution and contextual monitoring (ER/CM). The purpose of this paper is to demonstrate the clear advantages of ER/CM and what you as practitioners should consider when deciding if you should make the switch and what to consider when implementing the technology.

Keywords: regulatory technology (RegTech); entity resolution; contextual monitoring; risk-based approach; risk appetite (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2023
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