Fraud and Financial Crime Management
Gain unparalleled protection from internal fraud and external financial crime. Meet compliance and regulations without complexity.
MLROs and Compliance Officers require a holistic view of their business when creating and implementing an AML compliance program. You look to adopt an adequate risk-based approach (RBA) for your organization, leveraging technology to provide transparency and a high-credence audit trail to show the decision process for official regulators with the four common cornerstones of a compliance program.
Recent regulatory changes provide alignment across countries and regions, closing the gaps and loopholes for money laundering gangs and terrorist financing networks to launder funds via digital transaction channels. The broadening of AML regulations is relevant for both FIs and corporations. Increased corporate and personal liabilities for AML compliance breaches or doing business with sanctioned entities can result in hefty fines or even imprisonment.
Recent regulatory changes include the EU AMLD6 and the US Anti-Money Laundering Act (AMLA).
The AMLD6 lists 22 predicate offences (defined as “criminal activities”), including terrorism, human trafficking & migrant smuggling, illegal arms dealing, and counterfeiting products.
The US Anti-Money Laundering Act (AMLA) is the most significant change in US regulation since the PATRIOT ACT (2001) was introduced, and stipulates the following:
MLROs and Compliance Officers always face the challenge of balancing restricted budgets and resources against business needs and multiple compliance risks. The increasing demand for powerful and flexible technology shows no sign of slowing down and is driven by new AML regulations, increased personal and corporate liabilities and the need to stay competitive.
Wider adoption of cloud-based SaaS technology for managing payments, compliance and risk is accelerating across regions, enabling technology vendors to continually innovate with new products, features and functionality to meet changing customer needs.
The days of static technology with costly development, lengthy delivery cycles and high support costs are slowly fading away. There is a growing trend for FIs and Corporate entities to centralize their technology vendors, reducing duplicated effort, decreasing the overall cost of compliance and aligning technology solutions hosted on one unified SaaS platform.
ECM offers a robust, modern case management system that imports data from all relevant sources and can export data if needed; investigators can rely on data from disparate sources, methodically collected and analyzed to provide a cross-channel view of suspicious activity.
Our solution experts are here to help.+1 (800) 472 1321
Chat with one of our solution experts. We'll recommend the right product to fit your needs.
Tell us a bit about you and your business and we’ll get back to you with all the information you need.