NEW YORK, NY--(Marketwired - Nov 14, 2016) - Pneuron, a leader in business orchestration software, today announced it contributed a chapter on transaction monitoring systems in the new edition of a LexisNexis [legal treatise] Law book on anti-money laundering.
Available today, the AML book explores technologies that can help combat the nefarious practice used to finance terrorist networks, drug cartels and human trafficking.
Estimates made by the UN Office on Drugs and Crimes claim that from $800 billion to $2 trillion U.S. dollars -- two to five percent of global GDP -- are illegally processed through the global financial system every year.
Pneuron CEO Simon Moss authored the chapter, "Meeting the Reality of Today with Effective Anti-Money Laundering," which explains the systemic limitations of current transaction monitoring systems (TMS) and proposing strategies to speed investigations by 80 percent.
The "Meeting the Reality" chapter appears in the latest edition of "Money Laundering, Asset Forfeiture and Recovery and Compliance - A Global Guide" published by LexisNexis, and edited by Professor William Byrnes of Texas A&M University School of Law.
"Meeting the Reality" chapter subheads include the following themes:
- Potential Avenues for Regulatory Reform (including TMS effectiveness and agility)
- Challenges presented by TMS and the inefficiencies of current AML, TMS and FIU processes
- Failure of TMS Threshold Management
- False Positives (90% of alerts investigated are false positives)
- How to Fix Investigation Speed and Consistency (and reduce investigation time by 80%)
- Integrating Enhanced Due Diligence (EDD) and Customer Due Diligence (CDD) into a single process
"Illegal money laundering is a pandemic contagion that's afflicted the world for decades. AML itself can't be successfully achieved by throwing more BSA regulation at the problem, or by further investments in current day strategies," said Moss. "There are certain areas worthy of deeper analysis that could potentially have a positive impact on solving this insidious global cancer."
"When selecting a contributing author, I look to the banking industry to put forward its leading experts that compliance officers rely upon to solve challenging issues," said Prof. William Byrnes of Texas A&M University Law, who developed Lexis' anti-money laundering compliance treatise. "I am particularly impressed with Simon Moss and his expertise communicating complex risk mitigation strategies to compliance officers in a way that allows the officers to relate back the information to other departments, such as legal or operations."
For a white paper on the topic, "Meeting the Realities of Today with Effective AML" click here: http://pages.pneuron.com/anti-money-laundering.html
Founded in 2010, Pneuron's proprietary business orchestration software enables organizations to run distributed 'pneurons' that leverage their existing applications, infrastructure, services and data to create and deliver actionable intelligence -- in half the time and cost. Through Pneuron's innovative, distributed approach, companies are no longer faced with the complex centralization and integration requirements of traditional approaches. Pneuron and its patented groundbreaking technology have garnered numerous awards and recognitions including: MIT Sloan School CIO Enterprise Innovator Award, 2015 Gartner Cool Vendor, CRN's 2015 Emerging Vendors designation and SD Times Company to Watch. For more information, visit us online at: pneuron.com, on Twitter or LinkedIn.