Understand your business customers to better manage compliance risk

Managing compliance risk doesn’t have to be costly and time-consuming

Financial Crime regulations that banks, financial services, payment service providers and many other organisations must follow are designed to prevent identity fraud, money laundering, and terrorist financing.

Furthermore, in April, the FCA outlined ‘Combating financial crime and improving anti-money laundering practices, by enhancing the use of technology and data…’ as a key priority for 2019 and 2020*, which isn’t surprising given that global money laundering losses are estimated to top $1 Trillion a year**. While the need to meet these regulatory requirements is understood and accepted, current methods of identifying the Ultimate Business Owners (UBOs) and managing compliance risk can be costly to operate, contains significant duplication of work and can have negative impacts on both your end-customers and your business.

Automated onboarding and monitoring, therefore, introduces the opportunity to reduce significant resource costs, meet Know Your Customer (KYC) and Anti-money laundering (AML) regulation and create a much-improved customer experience, all in a way which is consistent, transparent and auditable.

* https://www.fca.org.uk/news/press-releases/fca-sets-out-its-priorities-2019-20

**UNODC – https://www.unodc.org/unodc/en/money-laundering/globalization.html