Europe Insights Regtech

End-to-End AML Compliance: How to Fight Financial Crime While Avoiding Costly Compliance Mistakes

AML fines are rising each year as financial institutions continue to make the same compliance mistakes. Often, organisations must cobble together multiple point solutions, leaving unseen gaps in their compliance process.

Now there is a better way. True end-to-end AML compliance is possible with the right solution and strategy in place.

By integrating upfront KYC processes and ongoing AML screening and transaction monitoring, organisations have a more comprehensive and holistic view of the risk associated with each customer.

Unfortunately, many firms keep making the same compliance mistakes and struggle to meet their regulatory obligations despite the repeated messages in these enforcement cases. The enduring problems reflect a lack of resourcing and the reliance on legacy systems that can’t keep up with the changing trends in financial crimes.

Fintechs, banks and credit unions, broker-dealers, lenders, marketplaces and other regulated organizations have had to cobble together several different point solutions — sometimes 10 to 20 of them — to combat financial crime and meet compliance mandates.

“The aim of an AML compliance program is to expose and correctly react to money laundering, terrorist financing and fraud-related risks. If your technology stack and internal processes are efficient and integrated, you dramatically improve your chances of identifying these risks without overburdening your compliance teams,” explains Dean Nicolls, VP of global marketing at Jumio.

This guide from Jumio, The Dawn of End-to-End AML Compliance, provides a game plan for combating financial crime and achieving AML compliance without sacrificing the user experience. You’ll also discover the key components of an end-to-end AML compliance solution and how to put your organisation on the right path.

Author

  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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