AML Analytics has grown in ten years from an emerging start-up into an established and trusted anti-money laundering (AML) technology company. We have a team of talented and dedicated professionals delivering unrivalled RegTech and SupTech solutions.
Our innovative tests establish the effectiveness and the efficiency of sanction screening and transaction monitoring systems so that a financial institution can meet regulatory requirements, minimise exposure to financial crime risk and manage resources. We have performed thousands of tests on the AML systems of leading financial institutions around the globe.
AML Analytics also works closely with Regulators and supervisory bodies to undertake Thematic Reviews. We help them to assess the AML systems used by their regulated entities and understand emerging financial crime risks.
Our progressive research is shaping the future of the market through innovation. We are proud of our growing suite of ground-breaking AML RegTech and SupTech solutions that are relied on by financial institutions and Regulators around the world.
Increased scrutiny by regulators is driving a global increase in the number and value of anti-money laundering (AML) penalties and sanction violations issued to financial institutions. This is happening as money laundering worldwide is estimated to reach $4.5 trillion in 2020 (United Nations Office on Drugs and Crime).
Financial institutions around the world are subsequently taking steps to mitigate and manage the risk of receiving AML fines from regulators due to exposure to sanctioned parties and are testing the effectiveness and efficiency of sanction screening and transaction monitoring systems with AML Analytics.
• In November 2018, the European Union (EU) and the Office of Foreign Assets Control (OFAC) both added over 700 names to their official sanction lists in one single update
• $8.14 billion of AML penalties and sanction violations were handed out globally in 2019 (Association of Certified Financial Crime Specialists)
• A penalty of $7.2 million was handed out by a Regulator in the gambling and gaming sector (Association of Certified Financial Crime Specialists)
• In 2016 it was estimated that 98.9% of criminal proceeds in the EU had not yet been confiscated and remained at the disposal of criminals (Europol, 2016)
• Average AML fine in 2019 was $145.33 million (Association of Certified Financial Crime Specialists)
• Value of global AML penalties is increasing each year
• 2019 was the biggest year in terms of the number of fines handed out globally by Regulators
• The UK issued 12 AML penalties in 2019 totalling $388 million (Encompass)
• The USA issued 26 AML penalties in 2019 totalling nearly $1.3 billion (OFAC)
• 58 AML penalties were handed out globally by Regulators in 2019 (Association of Certified Financial Crime Specialists)