Adrian Murphy

Fraud has escalated as digital adoption has increased. The situation requires that organizations simultaneously combat fraud and provide customers with a seamless digital experience.

In the face of new fraud methods and increasing incidence of fraud, companies must continually identify and address vulnerabilities. Success will require core capabilities in four areas.

To realize the full benefits of machine learning and advanced analytics in anti–money laundering, institutions need AML experts, strong data science talent, and reliable data sources in the fight against this type of financial crime.

Our new article, “Five Actions to Build Next Generation KYC Capabilities” addresses a key challenge facing large institutional banks: KYC process is often manual, costly, and a regulatory headache that results in poor client experience. Informed by McKinsey 2020 Institutional KYC benchmark of 10 top CIBs, this article describes the value-at-stake (e.g., 20-40%+ reduction in #administrative client touchpoints, 20-50%+ increase in KYC cases processed per month, 30-50% reduction in time to… Show more

Our new article, “Five Actions to Build Next Generation KYC Capabilities” addresses a key challenge facing large institutional banks: KYC process is often manual, costly, and a regulatory headache that results in poor client experience. Informed by McKinsey 2020 Institutional KYC benchmark of 10 top CIBs, this article describes the value-at-stake (e.g., 20-40%+ reduction in #administrative client touchpoints, 20-50%+ increase in KYC cases processed per month, 30-50% reduction in time to revenue, 10-20%+ increase in QA score) and five ingredients for banks to make a step change in the KYC process, including high impact non-tech and tech levers. Show less

The investigator-centered approach to fighting financial crime fosters collaboration among banks, law-enforcement agencies, and regulators for greater effectiveness, efficiency, and social impact.

State governments across the country are wrestling with how to launch fiscal relief programs quickly as well as responsibly. As levers for states to support their residents, employers, and agencies expand, find out how they can mitigate risks such as fraud, cybersecurity, and data privacy—as well as build toward a longer-term risk management strategy—in order to protect their beneficiaries and their own operations from shifting threats amid fast-paced change.

Highlights from the speeches at the podium and the backroom conversations at ACAMS, a leading anti–money laundering industry conference.

A look at innovation in addressing the anti-money laundering challenge.

Banks globally spend more than $12 billion a year and employ many tens of thousands of people on financial crime compliance (FCC), covering Anti-Money Laundering (AML) and Sanctions & Embargoes regulations. One would hope that such a large investment has allowed banks to most effectively identify and report on suspicious activity. This, unfortunately, is not the case, and frustrations with current industry solutions are widespread.

There is, however, a real opportunity to improve… Show more

Banks globally spend more than $12 billion a year and employ many tens of thousands of people on financial crime compliance (FCC), covering Anti-Money Laundering (AML) and Sanctions & Embargoes regulations. One would hope that such a large investment has allowed banks to most effectively identify and report on suspicious activity. This, unfortunately, is not the case, and frustrations with current industry solutions are widespread.

There is, however, a real opportunity to improve performance and reduce costs by moving to the next generation of solutions. These include automation of routine tasks, better data and enhanced analytical models, streamlined organization and governance, and improvements to the overall operating model. We have already seen some banks reap considerable benefits from the first steps in this direction. To seize the opportunity fully, banks need to think about the problem on an end-to-end basis, rather than by operating in silos or through discrete technical solutions. Show less

Report that considers the key questions institutions should ask as they prepare to submit for the first time under the new DFS 504 rule to certify that their BSA/AML transaction monitoring and OFAC sanctions screening programs are up to scratch.

Report that looks at how banks may leverage digital capabilities and advanced analytics to improve collections and recoveries

Article on using less expensive and more reliable ways to improve banks Anti-Money Laundering capabilities (article in Oliver Wyman Risk Journal Volume 7)

Report that looks at the case for improving banks surveillance in light of such issues as the LIBOR and FX scandals, primarily by improving data management, alert generation and compliance intelligence capabilities

Report that looks at the case for using more advanced analytical approaches to improve the efficiency and the effectiveness of AML transaction monitoring

Report that looks at improving capital efficiency in Brazil, by leveraging more risk-sensitive capital measurement approaches, stress testing and scenario planning

Report that looks at challenges in Brazil's infrastructure investment market, and based on interviews with market participants and observation of best practices globally, makes a series of recommendations on optimizing future funding growth

Report that looks at European Retail Credit Market outlook and examines Best Practice capabilities across the Retail Credit Lifecycle (Targeting, Underwriting, Customer Management, Collections and Recoveries)