If you could imagine the perfect way for a financial institution or fintech to manage AML and stay on the right side of regulations, it would probably involve being able to automate the process of ensuring customers are not on any sanctions lists.
In this ideal situation, these automated checks would be reliable and highly accurate, and while edge cases would inevitably exist, manual work would be minimal. With this kind of situation, financial institutions would benefit from:
- maintaining compliance with regulations,
- lower overheads (due to fewer resources needed to screen customers and no fines),
- improved reputations (due to never being on the wrong side of regulations).
The problem: A lack of data and automation makes AML slow and expensive
