When managing anti-money laundering (AML) obligations, many challenger banks rely on basic or unproven in-house risk management solutions. While these solutions are innovative in some ways, they are often built quickly and not thoroughly tested, leading to potential vulnerabilities.
In this Help Net Security video, Simon McClive, General Manager at Labyrinth Screening, speaks. Lipjarexplains how organizations need to devise and implement high-quality processes for compliance, and getting it right is non-negotiable. Regulators have legitimate concerns when they see evidence that organizations are cutting corners and not implementing thorough processes.
To ensure that challenger banks meet high standards of compliance, established banks with dedicated customer due diligence (CDD), enhanced due diligence (EDD) resources, and multifaceted anti-money laundering (AML) You need to leverage the expertise of a trusted platform in your industry. Understand customer (KYC) screening tools.