Challenges

Financial institutions are challenged with fighting fraud and financial crime in an environment of enhanced regulatory scrutiny. The regulatory environment has caused financial institutions to evaluate the management of their Anti-Money Laundering (“AML”) and Fraud programs to ensure tighter internal controls. Some of the key operational challenges include:

• Managing high volumes of exceptions generated through disparate suspicious activity monitoring and fraud detection systems
• The high cost and risk associated with manual processing
• Ensuring fully auditable processes, while ensuring timeliness, documentation and risks are managed
• Frequently changing regulatory requirements that often carry significant financial penalties for violation

Solution

Pegasystems Financial Crimes Framework allows for the management of alerts and investigations on one centralized backbone. The framework allows financial institutions to embrace rules-driven business process management (BPM) as they benefit from Pegasystems’ depth of industry knowledge and best practices in AML and Fraud investigations case management.