Security alone is no longer enough to ensure that competing demands of AML/anti-fraud, privacy regulations, corporate policies and brand value are all being achieved. Privitar supports the demanding requirements of AML/anti-fraud analyses and investigations while respecting customer privacy. Learn more in our AML datasheet.Download Datasheet
Financial regulations require banks to Know Your Customer, to understand the relationships between transacting parties and to be able to match against watch lists. Yet, increasing privacy regulations, including GDPR and CCPA, require even tighter control of personal customer data, which affects how organizations can safely use data in anti-money laundering or anti-fraud processes.
Many organizations now leverage third parties and are expanding their Anti Money Laundering departments to ensure compliance with government regulations and company policies. But with more data users comes greater risk. In addition to outsider threats, in 2019, 60% of reported data breaches were due to insider threats or negligence.#f8f9fa
Anti money laundering analysts and automation tools must make extensive use of sensitive customer data. Traditional security measures to protect data at rest and in transit are commonplace yet insufficient. Data must also be protected in use. And organizations must implement defensive measures in anticipation of the inevitable breach.
With the Privitar Data Privacy Platform, enterprises can maximize their data usage in accordance with increasing regulations while also leveraging automation that allows them to simultaneously improve AML efficiency and output. Adding Privitar to an organization’s anti money laundering and Anti-Fraud procedures will provide a scalable, holistic approach to data privacy that includes: