Use of “On-Demand” data services change “Know Your Customer” (KYC) and Customer Onboarding.
More considerations for Data Privacy and protection as third parties are involved in critical bank-to-customer interactions.
More transactions to track and interpret.
Use of “On-Demand” data services change “Know Your Customer” (KYC) and Customer Onboarding.
More considerations for Data Privacy and protection as third parties are involved in critical bank-to-customer interactions.
More transactions to track and interpret.
In the EU
(2006-2014)
In Australia
(2016-2017)
In Malaysia, Hong Kong and Singapore
(2016-2017)
Global spending on compliance-related software is estimated to increase from US$8.5 billion to US$11.8 billion between 2016-2021.
Less than 10% of suspicious activities are investigated in the EU, underscoring manpower challenges in risk investigations.
The 5th EU AML Directive
The July 2018 directive requires EU member states to translate AML regulations into national law by January 2020 to improve:
Joint Statement by US Government Agencies
Five federal government agencies issued a joint statement encouraging banks to use "innovative approaches" to meet Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance obligations. Three areas of focus: