Financial institutions face a rapidly evolving compliance landscape that demands effective Suspicious Activity Reports (SARs). Too often, SARs are based solely on transactional data, offering a narrow, two-dimensional view of complex illicit activity. This results in a flood of reports that are difficult for law enforcement to act on and burdens banks with alert fatigue, wasting valuable time and resources.
With comprehensive corporate and trade data, financial institutions have the opportunity to transform the SAR process from a rote compliance requirement into a strategic attack on financial crime. By moving beyond transactional data to include powerful external context, banks can build a compelling, evidence-backed narrative for every filing.
Download this ebook to discover the advantage of enriching SARs with corporate and trade data, including the ability to:
- Unmask and identify complex corporate structures that conceal financial criminals leveraging global corporate records.
- Verify commercial activity and detect anomalies associated with sophisticated Trade-Based Money Laundering (TBML) schemes by cross-referencing transactions against trade and maritime data.
- Drastically reduce manual research time and mitigate analyst alert fatigue by integrating a proactive, intelligence-based approach into your SAR workflow.
- File SARs with a higher degree of certainty and a stronger evidentiary basis to reduce ambiguity and demonstrate a sophisticated approach to due diligence.
