• Ed Lloyd, EVP Global Sales at encompass corporation


• 28.03.2019 07:15 am
undisclosed

The increased resources and power being given to Denmark’s financial watchdog represents an important step in the attempts to tackle financial crime following a number of recent high-profile money laundering cases.

What these cases have shown is that there is a critical need for Anti-Money Laundering (AML) enforcement to be central to banking institutions’ operations, and a top priority going forward, if we are to really take strides towards stamping out the problem at a high level.

The entire sector is under more scrutiny than ever before and every organisation within it has a role to play in regaining trust and building up its reputation to what it once was.

For this to be achieved, it is imperative that AML compliance is viewed as best practice, not just a 'check the box' exercise.

The importance of regulated firms being able to easily demonstrate that they have robust and fit for purpose compliance policies in place, and are consistently adhering to these, will only become more critical as we move forward.

Society demands better from the financial community and their ability to prevent the financial system being used to support criminals.

Having robust technological solutions, particularly automation, in place is the only way to drive both better and faster compliance while simultaneously lowering costs. Not only does it streamline and simplify the process, it also makes it easier to embed compliance activities into day to day workflow across the organisation, creating a culture of compliance and improving overall effectiveness in line with enhanced regulatory expectations.