Impactful - hybrid centralized-decentralized AML compliance

Corporate anti-money laundering (AML) compliance objectives are a balancing act of effective AML risk management, revenue goals, and cost savings, says Kieran Holland of FinScan. Risk management needs to ensure compliance with local and global regulations and minimize financial crime risk, while procurement and operations want to reduce costs and improve efficiencies. Revenue generation requires a competitive advantage and depends on front office efficiency (speed of doing business, account opening) and customer satisfaction. The reality is that many organizations struggle to achieve this balancing act with their AML programs.

Kieran Holland (+44 (0)203 790 8935, kholland@innovativesystems.com) is Head of Technical Solutions, FinScan (www.finscan.com).

Corporate anti-money laundering (AML) compliance objectives are a balancing act of effective AML risk management, revenue goals, and cost savings, says Kieran Holland of FinScan. Risk management needs to ensure compliance with local and global regulations and minimize financial crime risk, while procurement and operations want to reduce costs and improve efficiencies. Revenue generation requires a competitive advantage and depends on front office efficiency (speed of doing business, account opening) and customer satisfaction. The reality is that many organizations struggle to achieve this balancing act with their AML programs. Instead, they are hamstrung by disjointed processes that fail to use or share all the data or resources across the organization, which is not only costly but also introduces greater risks.