PWC – ‘Big data’ is the key to unlocking trade-based money laundering – 11th Jan 2015

Trade-based money laundering accounts for an estimated 80 percent of illicit financial flows from developing countries, and mining “Big Data” is essential to banks’ efforts to combat this activity, a PwC whitepaper released Thursday suggests. As criminals become more sophisticated in their money transfer strategies and increasingly abuse trade, financial institutions “should remain two steps ahead by deploying advanced analytical and statistical techniques,” Vikas Agarwal, a managing director in PwC’s Advanced Risk & Compliance Analytics practice, said in releasing the whitepaper. “Today’s trade-based money laundering activity goes beyond traditional laundering of criminal funds to include terrorist financing and intentional efforts to circumvent international sanctions,” Agarwal said. “It’s an issue that has become a top concern in board rooms and C-suites across the globe.”

 

 

Brett Wolf, Compliance Complete