Security News > 2023 > February > As the anti-money laundering perimeter expands, who needs to be compliant, and how?

Here's everything you need to know about what services need an AML revamp and how they should go about it.

Gather enough data as fast as possible, and you can instantly spot bad actors and block them out, and move to more extensive KYC procedures to ensure their names do not appear on any AML lists and gauge the true intentions of suspicious users, saving money on unnecessary KYC and AML screenings.

Risk-based screening and AML. Remember: It's not just existing criminals you're looking for, but also people that could become part of a money laundering scheme.

AML regulating bodies want to see that your company has a complex program in place, combining automated and manual processes, that can constantly supervise customers, quickly spot suspicious activity, and report cases without delay.

AML policies are only as good as the people planning and enforcing them, which means that your organization needs employees who understand how it all works.

With such an expansive list of companies with AML responsibilities in the US, it's important to check where your organization stands and how you can make it compliant.

News URL

https://www.helpnetsecurity.com/2023/02/01/anti-money-laundering-perimeter/