• Gabriel Hopkins, Chief Product Officer at Ripjar


• 18.10.2023 03:15 pm
#bank #AML

When it comes to managing anti-money laundering (AML) obligations many challenger banks turn to basic or unproven in-house risk management solutions. Although these solutions can in some ways be quite innovative, they are often built quickly and lack thorough experienced testing, leading to potential vulnerabilities.

Compliance requires organisation to devise and implement high quality processes and getting it right is non-negotiable. Regulators are righty concerned when they see evidence of organisations taking shortcuts and not implementing thorough processes.

To ensure challenger banks are meeting the high threshold of compliance, they should draw on the expertise of established, industry-trusted platforms with dedicated customer due diligence (CDD), enhanced due diligence (EDD) resources, multifaceted anti-money laundering (AML) and know your customer (KYC) screening tools.

Comprehensive compliance solutions enable challenger banks to continue to be innovative while ensuring they are implementing important customer screening to successfully identify counterparty risks using the latest machine learning and other advanced technology. Getting the balance right with effective screening and monitoring is vital to reduce customer friction, ensuring swift and efficient end user experiences.