Anti-Money Laundering Transaction Monitoring Systems Implementation - (Wiley and SAS Business) by Derek Chau & Maarten Van Dijck Nemcsik (Hardcover)

About the Book

"Anti-Money Laundering Transaction Monitoring Systems Implementation is divided into 10 chapters, starting with high level concepts before narrowing towards actual implementation. All transaction monitoring scenarios are composed of a few common elements, and understanding these elements is crucial to achieving your goals. Chau will brings years of experience as a Technical Consultant to show the reader the ins-and-outs of implementing AML transaction monitoring. Topics covered include: Detecting anomalies in data. Known abnormal behavior Regulator's requirements, and In-depth insights into transaction monitoring techniques"--

Book Synopsis

Effective transaction monitoring begins with proper implementation

Anti-Money Laundering Transaction Monitoring Systems Implementation provides comprehensive guidance for bank compliance and IT personnel tasked with implementing AML transaction monitoring. Written by an authority on data integration and anti-money laundering technology, this book offers both high-level discussion of transaction monitoring concepts and direct clarification of practical implementation techniques. All transaction monitoring scenarios are composed of a few common elements, and a deep understanding of these elements is the critical factor in achieving your goal; without delving into actual code, this guide provides actionable information suitable for any AML platform or solution to help you implement effective strategies and ensure regulatory compliance for your organization.

Transaction monitoring is increasingly critical to banking and business operations, and the effectiveness of any given solution is directly correlated to its implementation. This book provides clear guidance on all facets of AML transaction monitoring, from conception to implementation, to help you:

• Detect anomalies in the data
• Handle known abnormal behavior
• Comply with regulatory requirements
• Monitor transactions using various techniques

Regulators all over the world are requiring banks and other companies to institute automated systems that combat money laundering. With many variables at play on both the transaction side and the solution side of the equation, a solid understanding of AML technology and its implementation is the most critical factor in successful detection. Anti-Money Laundering Transaction Monitoring Systems Implementation is an invaluable resource for those tasked with putting these systems in place, providing clear discussion and practical implementation guidance.

From the Back Cover

Regulators across the globe continuously work to require banks, insurance companies, casinos, and securities trading firms to supply automated systems that combat money laundering and other financial crimes. As the regulatory regimes have become more complex, many firms struggle with the implementation of effective solutions that will protect them from the onerous penalties that accompany violations of these regulations.

Anti-Money Laundering Transaction Monitoring Systems Implementation: Finding Anomalies delivers a comprehensive and insightful analysis of all facets of anti-money laundering (AML) transaction monitoring. Accomplished consultants, technologists, and authors Derek Chau and Maarten van Dijck Nemcsik offer readers a treatment of AML techniques that is not confined to specific coding strategies or individual company solutions. Instead, they provide a fulsome examination of high-level concepts in AML, like how to detect anomalies in data and examples of known abnormal behavior, before narrowing their focus toward the real-world implementation of AML techniques.

Readers will learn about transaction monitoring strategies in individual industries like banking, gambling, insurance, and securities, as well as regulatory requirements in each of these spaces. The authors also discuss up-and-coming fields, like blockchain and machine learning, and the effects they might have on the AML space in the years to come. The book describes all the nuts-and-bolts of implementing AML transaction monitoring, from typical scenario elements and their granular details, to entity resolution and watchlist matching. Customer segmentation and scenario threshold tuning are also discussed at length.

Perfect for compliance officers, managers, and chief financial officers, Anti-Money Laundering Transaction Monitoring Systems Implementation also belongs on the bookshelves of executives working in industries where AML is a core regulatory requirement, as well as IT employees and bankers who regularly interact with AML systems.

About the Author

CHAU CHAN YIP (DEREK) is Principal Technical Consultant at SAS Hong Kong since 2010. He was formerly a Technology Consultant at Hewlett Packard. He specializes in data integration and anti-money laundering. He received his Master of Science degree in Computer Science from the Chinese University of Hong Kong.

MAARTEN VAN DIJCK NEMCSIK, LLM, PHD, has worked with SAS since 2012 as a financial crime and tax compliance domain expert and solution lead. He is part of the SAS Global Fraud & Security Business Intelligence Unit, responsible for internal and external training courses in the financial crime and compliance space.