Money Laundering Takes on Customer Due Diligence and Know Your Customer Processes


Published Date : Jan 23, 2017

ALBANY, NY, Jan 23, 2017: With the emergence of the novel methods of pecuniary crime, technology institutions and firms and regulators are facing quite a challenge in the recent time, highlights a report added by MarketResearchReports.biz. This has forced the organizations to not only ensure but also implement vital enhancements in their overall IT systems. There are some salient aspects that push regulatory entities and governments to compose and execute anti-money laundering (AML) regulations. The report included in the wealth management repository of research reports is titled “The Impact of Money Laundering on Customer Due Diligence.”

Accountability to AML compliance is currently one of the primary takes of the institutions in discussion. Various new measures such as formulating committees have been taken into consideration to pay heed to the complete elimination of financial crimes. Developing economies are taking to the vital upgradation of their compliance processes with a view to ensure conformity with the international standards. Most companies are looking to enhance the efficiency of their operations along with the need to see through compliance responsibilities. In this regard, they have been investing in data analytics, technology solutions, cloud technology, and integrated platforms.

As the regulatory updates are being introduced on a frequent basis and money laundering activities carried out at a rapid pace, organizations are challenged both operationally and technologically. This has also led to the adoption of crucial operational and technological trends. In the last chapter, the report discusses about the key opportunities and challenges involved in client onboarding and the best practices. The publication analyzes the top practices adopted by not only financial firms but also non-financial companies for battling money laundering activities. Besides this, it sheds light on the financial risk management of the key vendors in the market.

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Buyers of the report are provided with a significant reports of the service providers and their initiatives relating to customer due diligence (CDD) and know your customer processes (KYC). The main objective behind the execution of these initiatives is the fulfillment of the need to decisively deal with risk and compliance. Buyers can also gain a profound insight into the influence of money laundering activities on businesses. Interested parties are provided with a good reports of the important vendors and drivers in operation for the purpose of financial risk management. The effect of the global regulations is also taken into account as the analysts have focused upon the latest developments while the AML regulations are put into action.

It is unsurprising on the part of the UK, Germany, France, Italy, Spain, and Australia governments scrutinizing suspicious people and associations in the midst of the preparation of more stringent regulations by the financial services sector. Some of these names were leaked during the 2016 Panama Papers scandal.

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