AML can improve customer focus
Strong AML work can enhance information sharing and coordination across departments. It can help identify which customers a bank may or may not wish to engage in business with, who they are, what they do and why they do it. This precious knowledge can be used by other teams and senior management to improve overall understanding of their customer base, and how they can obtain a commercial advantage over the competition.
AML can inform ‘risk appetite’, to determine objectives and prioritise spend
Data, insights and ‘red flags’ generated in the course of AML activity is invaluable in helping boards understand what their appetite is for risk taking. Doing this will reduce the need for separate costly and time consuming efforts by other departments, with the funds and resources saved able to be directed to other activities.