Regulations aimed at detecting and preventing fraud, money laundering, terrorist financing and financial crime have more than tripled in recent years. Many banks have increased the size of compliance teams to meet these regulatory requirements.
Complex customer accounts, entities, ownership structures and transactions create layers of complexity. Set against significant financial penalties for non-compliance, potential reputational damage and individuals being held personally accountable financial institutions need to look towards implementing more robust anti-money laundering (AML) processes.
This datasheet outlines Bottomline’s AML Transaction Monitoring & Screening capabilities allowing banks to meet evolving regulatory compliance requirements, reduce the cost of achieving such and minimise the burden of false positives.
Significant financial penalties, totaling $320 billion were issued in fines globally since 2008.2
Source: Cost of Compliance Report, Thomson Reuters, 2018
BrochurePayment Risk: Why Use Risk and Compliance Solutions?
Continued regulatory pressure, in conjunction with substantial financial penalties, has forced previously unregulated entities to address an expanding global matrix of anti-money laundering (AML) and sanction screening obligations. Download our comprehensive guide to financial and payment risk and compliance to galvanise your anti-money laundering, sanctions screening, risk and compliance strategies.
White PaperSecuring Payments Across the Digital Enterprise
Payment fraud poses a significant threat to businesses of all sizes and in all sectors. In today’s digitally connected world, financial losses as a result of fraud can be devastating.
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