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Comment: Banks Waste Billions on AML Compliance
Dean Curtis, Managing Director at LexisNexis® Risk Solutions, comments on Fortytwo Data’s research that shows that banks are wasting £2.7 billion a year chasing false leads due to outdated AML systems
“Financial services firms are growing increasingly concerned over the mounting costs and reduced effectiveness associated with customer due diligence. Not only do banks have outdated legacy systems, they are plying them with poor quality data when analysing customer risk. This is what generates such high numbers of false positives.
“These ineffective systems and processes therefore continue to act as costly barriers to fighting financial crime. However, firms are unwilling to spend millions overhauling these legacy systems until industry confidence in next generation systems’ track record is far higher, and they offer genuine value for money.
“Instead, firms should be looking to continuously improve the quality of their input data, and in effect using their pre-existing data more intelligently. This approach will allow banks to resolve many more AML alerts with fewer people. As it stands, firms are throwing time, money and people at the wrong solution, which is already proving to be a costly mistake.”
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CLS, a financial market infrastructure group delivering settlement, processing and data solutions, today announces the appointment of six new members to its Board of Directors at the CLS Annual General Meeting held on 9 June 2026.
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European Fintech Association Elects New Board of Directors
The European FinTech Association (EFA) today announced the election of its new Board of Directors, bringing together senior leaders from across Europe's fintech ecosystem to guide the Association's work over the coming term.
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Oxford Risk: Placing the Human at the Center of Wealth and Asset Management Transformation
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CLS Appoints Six New Board Directors
CLS, a financial market infrastructure group delivering settlement, processing and data solutions, today announces the appointment of six new members to its Board of Directors at the CLS Annual General Meeting held on 9 June 2026.
Mobey Forum Calls for a Collaborative Approach to Fraud Prevention in Rethinking Fraud in a Connected World
Mobey Forum’s Fraud Expert Group has published a new report, Rethinking Fraud in a Connected World: Trust, Collaboration, and Resilience in the Digital Ecosystem, exploring how fraud is evolving beyond traditional banking threats and why stronger collaboration across industries is becoming essential.
SumUp Launches in Canada
SumUp, the global financial technology company, today announced its official launch in Canada. The milestone makes Canada SumUp's 38th market and its latest step in building out its presence across the Americas, as the company continues its mission to make commerce simpler and more accessible for all businesses worldwide.
European Fintech Association Elects New Board of Directors
The European FinTech Association (EFA) today announced the election of its new Board of Directors, bringing together senior leaders from across Europe's fintech ecosystem to guide the Association's work over the coming term.
G+D: Navigating the Future of Fintech Agility and Innovation
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Connect IFA Strengthens Leadership Team to Drive Growth and Enhance Adviser Support
Connect IFA Ltd is pleased to announce key leadership appointments designed to strengthen its commitment to growth and enhance the support it provides to advisers and network members.