This system will be implemented to enable Euroclear to screen all transactions against industry-standard watch-lists and monitor all transactions for suspicious behaviour. According to recent research from the TowerGroup, a leading research and advisory group for the global financial services industry, financial crime is costing the industry billions of dollars globally per year in operational losses with untold costs in terms of lost reputation and consumer confidence. Whereas we saw an early uptake of AML technology in the (retail) banking payments space, we now see that the convergence of the increase in crime rates and the growing demands of compliance regulations is driving the securities processing industry as well to seek out and implement technology solutions, such as AML, that can help them stop the haemorrhaging of losses and meet the challenges of industry regulations states Virginia Garcia, Senior Analyst, Financial Services Strategies & IT Investments of the TowerGroup.
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