The AML customer lifecycle: 9 steps for enhancing financial crime protection
Published 2024-10-09
Published 2024-10-09
Over the past years, we’ve been constantly reminded of the importance of complying with the latest regulations and striving toward the bigger goal— staying ahead of financial crime.
Yet, despite ongoing progress, financial institutions still struggle to comply with regulations. The recent $32 million fine imposed on the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, for compliance failures is a stark reminder that even the most prominent names in the industry can fall short of the minimum safeguards, underlining the potential risks that all financial institutions must be vigilant about.
It’s recommended that your company implements an anti-money laundering lifecycle for your customers as a standard measure. This lifecycle is crucial not just to ensure compliance, but also to enhance your company’s operational efficiency.
Discover the necessary steps to take to create an effective AML customer lifecycle in this guide. Fill out the form and get access to your copy.
Fill out the form and get access to your copy.
In this guide, we talk about;