Establishing centralized control of your AML and KYC policies Having consistent, reliable access to comprehensive data gives you and your compliance team confidence that no matter how risk profiles, processes or standards change, you have access to the right information to meet KYC requirements on a global scale.īy integrating with trusted third-party data sources via an API connection, you can easily add new sources of data into your AML and KYC processes to meet regulatory obligations when needed.
#ENCOMPASS 360 TRAINING MANUAL MANUAL#
If you rely on manual data gathering, accessing any new sources needed will add significant time to the KYC discovery process and to the IT department’s integration and maintenance workload, stretching limited resources even further. Proactively sourcing global dataĪs regulation evolves alongside your organization’s geographical footprint, so do the data requirements involved in remaining compliant. Let’s explore ways to develop effective compliance change management. Key areas of change include:īuilding change management into your AML compliance processesīy rethinking your AML workflows from the perspective of flexibility, you can simplify compliance processes, while increasing efficiency and improving customer experience.
Given the interconnected nature of the compliance process, both in terms of teams and technology, it’s important to have an end-to-end system that can evolve holistically. Proactive compliance systems are those that can continually evolve in line with regulatory requirements, risk profiles and customer expectations. This also applies to the systems used to manage KYC and AML processes. With increased regulatory expectations, banks must implement proactive AML compliance methods, where efforts are focused on identifying red flags and mitigating potential money-laundering issues earlier. Traditionally, banks have adopted a reactive approach to AML compliance.
To better manage costs and improve customer experience, banks must adapt. Banks already conduct periodic KYC checks throughout the customer lifecycle, but any new requirements resulting from a change in regulation might also need to be applied to the existing client base. Know Your Customer (KYC) due diligence carried out at onboarding can no longer be viewed as a static function.
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We outline our AML compliance change management tips for banks, including how to proactively manage change, utilize technology and move to an agile framework. As financial institutions turn to RegTech to support their efforts, effective management of changing regulatory requirements is key and can be a competitive advantage. New protocols introduce additional obligations for banks, meaning more time and resources. Anti-Money Laundering (AML) regulations are changing faster than ever as regulators aim to stay one step ahead of criminals.
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