Anti-money laundering (AML) compliance should not merely be a tick-box exercise for financial institutions, as it not only exposes the organisation to the risk of hefty non-compliance penalties and reputational damage, but could also lead to criminal activity going undetected.

The estimated amount of money laundered globally in a single year is between 2% and 5% of global GDP, or $800bn to $2trillion, making it one of the most serious financial crimes worldwide. It is therefore vital that financial institutions that work on financial data to combat money laundering implement AML compliance programmes and comply with international regulations...