For financial institutions, customer due diligence (CDD) and anti-money-laundering (AML) screening procedures are the first and best defense against criminal exploitation of the financial system.
But there are many challenges facing AML compliance teams. In recent years, the digital transformation of global finance combined with regulatory reform, ever-changing sanctions, more severe penalties for non-compliance, and a more technologically sophisticated class of criminals, have all added to the pressures faced by compliance teams. Indeed, the risks associated with inadequate AML/CDD procedures and regulatory non-compliance are now so great that traditional manual processes for customer verification and monitoring are often inadequate.
To minimize these risks and keep pace with the technological evolution of global finance, institutions everywhere are incorporating automated screening technology into their AML/CDD compliance programs. This eBook will explain the benefits of automating your program, and provide tips for how to make your automation process shine.
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