Enhancing AML compliance: Evolving risks demand heightened scrutiny, integrated data solutions

byMaud Vonlanthen on 19 Apr. 2024

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Three key trends - sanctions circumvention, trade-based money laundering, and crypto-currency usage - are reshaping the industry.

Explore the evolving landscape of financial crime compliance with insights from our latest article. Dr. Sebastian Hetzler, Co-CEO, and our South African partner, Bateleur, shed light on how financial institutions are leveraging AI integration to combat these challenges effectively.

Sanctions circumvention may take place through new shell companies, or through diverting trades through other countries that are applying less rigid sanctions regimes. To understand sanctions evasion, FIs need to delve deeper into the data, encompassing all the KYC information collected during the onboarding process, including the various company structures, parent companies and ultimate beneficial owners. They have to apply a multifaceted approach to data analysis, enabling a comprehensive understanding of clients’ past behaviour, behavioural changes and the nature of their businesses.” To get this holistic view on clients, banks have to break down data silos and to integrate data."

Delve into the comprehensive insights provided in the article online.

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