According to Reuters, since 2009, regulators have sanctioned companies operating in the financial sector with more than $ 342 billion for their failures to prevent money laundering and terrorist financing. As such harsh sanctions may easily ruin the business of even a very promising Fintech company, many should consider to hire a KYC/AML provider. They, however, should do so wisely. There are many AML / KYC products on the market worldwide, making money laundering prevention a profitable industry. Choosing the right service provider for your business is a complex and responsible endeavour. The goal of this article is to help companies structure the vendor search process, formulate the right questions for the request for proposal and advise on how to reduce compliance risks when outsourcing AML/CTF processes.
Fundamental Review of the Trading Book (FRTB) regulations are part of the upcoming Basel IV set of reforms and create specific capital-reserve requirements for bank…Download whitepaper