A Jumio guide on how to fight financial crime while avoiding costly compliance mistakes

AML fines are rising each year as financial institutions continue to make the same compliance mistakes. Often, organisations must cobble together multiple point solutions, leaving unseen gaps in their compliance process.

Today, there is a better way. True end-to-end AML compliance is possible with the right solution and strategy in place.

By integrating upfront KYC processes and ongoing AML screening and transaction monitoring, organisations have a more comprehensive and holistic view of the risk associated with each customer.

Unfortunately, many firms keep making the same compliance mistakes and struggle to meet their regulatory obligations despite the repeated messages in these enforcement cases. The enduring problems reflect a lack of resourcing and the reliance on legacy systems that can’t keep up with the changing trends in financial crimes.

Fintechs, banks and credit unions, broker-dealers, lenders, marketplaces and other regulated organizations have had to cobble together several different point solutions — sometimes 10 to 20 of them — to combat financial crime and meet compliance mandates.

“The aim of an AML compliance program is to expose and correctly react to money laundering, terrorist financing and fraud related risks. If your technology stack and internal processes are efficient and integrated, you dramatically improve your chances of identifying these risks without overburdening your compliance teams,” explains Dean Nicolls, VP of global marketing at Jumio.

This guide from Jumio, The Dawn of End-to-End AML Compliance, provides a game plan for combating financial crime and achieving AML compliance without sacrificing the user experience. You’ll also discover the key components of an end-to-end AML compliance solution and how to put your organization on the right path.

To DOWNLOAD the white paper, click here

About Jumio:

Jumio is the leading provider of AI-powered end-to-end identity verification and eKYC solutions. The Jumio KYX Platform lets financial organisations easily verify user identities for onboarding, safeguard existing accounts and mitigate financial crime risk, and manage compliance requirements, such as KYC, AML and GDPR, by providing a layered approach to identity proofing and corroboration.

Latest Articles

International Women’s Day 2021

International Women’s Day 2021

International Women's Day 2021 To celebrate International Women's Day 2021, Barclays would like to invite you to join a series of panel discussions to be held virtually on: Monday, 8 March - 8:30am - 9:30 am EST / 1:30pm - 2:30pm GMT Thursday, 11 March - 4:00pm -...

Singapore Fintech Festival 2019

Singapore Fintech Festival 2019

Singapore FinTech Festival 2019 summary of activities from the Fintech Power 50: Singapore FinTech Festival 2019 has proved another resounding success. Inaugural SFF x SWITCH sees over 60,000 participants from 140 countries; event to return on 9-13 November 2020....