There is no single “one-size-fits-all”solution for implementing AML measures for a financial institution.
The products and channels used by the customers, the geographies operated by the bank. Centralizing the customer information helps in analysing customer behaviour across multiple countries, accounts business verticals, channels and products
The regulations in force currently and those likely to be implemented in future.In this regards,it is expected that regulators will get tougher on the industry despite rise in compliance costs.
The level of AML automation required. This is determined by the volume of transactions and expected speed of transactions. There are limitations in throwing bodies at the ever-increasing requirements for monitoring and reporting; automation is required after a point
The program lifecycle is determined through the applicable regulations, organizational business processes and procedures, the applicable onetime KYC processes to lead to the on-boarding of customers
The post-onboarding lifecycle involves periodic review of customers and comprehensive transaction monitoring in realtime as well as in batch mode.
Digileap Technologies Pte. Ltd.