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The Financial Economic Crime landscape today is very volatile due to disruptive technological innovations, ever-changing expectations from supervisors and society, alongside the struggle to find and retain talent.
In this blog we will highlight a few of the main trends and developments within Compliance and KYC/AML. Overall, cost reductions, increased focus on risk-based approaches and efficiency are the key elements that drive these trends.
Regulations play a crucial role in preventing financial economic crimes. These regulations require financial institutions to establish controls that can detect increased risk and report suspicious activities. By adhering to these guidelines, institutions can identify and prevent money laundering, terrorist financing, and proceeds of crime.
New legislation and supervision
The new Anti-Money Laundering regulation (AMLR) from the European Commission includes an action plan for a comprehensive Union policy on preventing money laundering and terrorism financing.