When managing anti-money laundering (AML) obligations, many challenger banks flip to primary or unproven in-house danger administration options. Whereas these options might be modern in some methods, they’re usually constructed shortly and lack thorough testing, resulting in potential vulnerabilities.

On this Assist Cyber ​​Safety video, Simon McClive, Managing Director of Maze Screening at Ripjar, discusses how compliance requires organizations to design and implement high-quality processes, and that getting it proper is non-negotiable. Regulators are proper to be involved once they see proof that organizations are slicing corners and never implementing thorough processes.

To make sure challenger banks meet the excessive bar for compliance, they need to leverage the experience of confirmed, industry-trusted platforms, together with devoted buyer due diligence (CDD), enhanced due diligence (EDD) assets, multi-faceted anti-money laundering (AML) and Know Your Buyer (KYC) screening instruments.