AML Compliance System Optimization

Description

AML regulation has been incorporated in compliance program for decades. In recent years the tendencies of governments to tighten the net around tax avoidance practices and the increased use of economic sanctions have translated in a significant increase in regulatory scrutiny and compliance requirements. This increase in compliance risk also stem from legacy compliance programs designed to achieve general compliance objectives (KYC, anti-fraud, governance, etc) that only partially overlap with the control level demanded by a robust AML compliance program, leaving gaps in some cases (where MLRO stretched existing programs) and inefficiencies in most (where bolt-on procedures were inserted to satisfy regulation).