How and Why to Counter Money Laundering

Amid continued digital transformation and increased online transactions, risk mitigation strategies for KYC and AML processes must adapt.

The digital trading environment has become a playground for fraudsters who are constantly evolving their methods. To keep a step ahead, organizations need effective KYC which requires robust cybersecurity to guard against data breaches, and better ensure the accuracy and authenticity of digital documents and identities. This helps businesses defend against financial and reputational losses whilst creating a space where their customers can transact with trust and security.

With money laundering estimated at between 2%–5% of global GDP (between $800 billion and $2 trilllion), and companies being fined billions of dollars annually, there’s increased pressure to comply with global and local KYC/AML regulations.

This involves checking individuals, organisations and transactions against a myriad of international databases — which is both time consuming and costly. Plus, manual processes can lead to errors and high customer drop-offs, and non-compliance carries significant penalties for businesses. 

Check out our insight guide — How and Why to Counter Money Laundering — which reveals how to implement effective, automated KYC, CDD and EDD processes, and the benefits of doing so for both your business and end customers.

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