Faced with significant fines, banks are embracing smart anti-money laundering (AML) solutions to stay compliant.
Money Laundering activities are estimated to amount to up to 5% of the global GDP. It, therefore, comes as no surprise that the fines issued to financial institutions who do not comply with AML regulations are on the rise as well, passing 8 billion US$ in 2019 alone.
The risk for business is great, so if the matter was easy to resolve, nobody would risk getting caught uncompliant. In everyday reality, however, many things hinder well-meaning organizations in their AML efforts – changing regulations, insufficient resources, overload of mandatory reports and many false positives in their automation systems, to mention but a few.
So, how can financial institutions ensure “peace of mind” in their AML operation? By employing smart AML solutions such as Asseco AML.
How can Asseco AML help your business?
There are 3 key pillars to control when it comes to AML:
- Automation – having a system that automates reporting and monitoring reduces the workload and ensures timely submission of all mandatory data
- Precision – machine learning and real-time detection and prevention of suspicious transactions means fewer false positives and timely reactions
- Compliance – Asseco AML is constantly updated to fit all local and global regulations, keeping you worry-free despite the changing rules.
Explore how Asseco can help you achieve compliance in your everyday business with minimum effort.
Compliant. 100%. Always.