The increase in volume and variety of international transactions means increased complexity to the financial services industry. This complexity increases the opportunity for illegal gain. Sophisticated criminal organizations, including terrorist groups and sanctioned nation-states, are exploiting technology to finance terrorist activities. This has led to tightened Anti-Money Laundering (AML) regulations.
For financial institutions, the evolving AML requirements pose a major challenge. The stakes for non-compliance are high, ranging from punishing fines for instances of non-compliance, political and reputational repercussions, and potential plummeting stock prices. Financial services institutions need to evolve their AML processes, and reduce institutional risk with a solution that can: