Unpacking the challenges of anti-money laundering obligations
When managing anti-money laundering (AML) obligations, many challenger banks turn to basic or unproven in-house risk management solutions. Although these solutions can, in some ways, be innovative, they are often built quickly and lack thorough testing, leading to potential vulnerabilities.
In this Help Net Security video, Simon McClive, General Manager of Labyrinth Screening at Ripjar, discusses how compliance requires organizations to devise and implement high-quality processes, and getting it right is non-negotiable. Regulators are rightly concerned when they see evidence of organizations taking shortcuts and not implementing thorough processes.
To ensure challenger banks are meeting the high threshold of compliance, they should draw on the expertise of established, industry-trusted platforms with dedicated customer due diligence (CDD), enhanced due diligence (EDD) resources, multifaceted anti-money laundering (AML) and know your customer (KYC) screening tools.