Financial Institutions Gain New Tool to Enhance Cyber Intelligence and Combat Money Laundering



The Association of Certified Anti-Money Laundering Specialists (ACAMS) has collaborated with Mastercard to help develop a tool that will enhance the fight against money laundering. The tool was developed to promote the anti-money laundering compliance programs and enhancing the risk assessment processes and procedures. The tool has an integration of industry best practices and certain financial institution insights that facilitate response to regulatory requirements set up for the financial institutions. According to the Executive Vice President of cyber and security products at Mastercard, Johan Gerber, the tool will help financial operators to quickly identify suspicious activity and take appropriate actions promptly.

Additionally, the tool has been developed with a combination of machine learning and advanced technologies to help financial institutions perfectly identify potential money laundering, account take over, scams, and illegal transaction threats to their systems. This step taken by ACAMS once again highlights the group commitment to address issues relating to money laundering.