Banks and regulators have to admit the hard truth that not even today’s complex anti-money laundering and compliance programmes are enough to stop criminals exploiting financial platforms, Adedayo Adejobi reports
The first major challenge of compliance is the continued rise or innovation in technology. There is still a long way to go here, as companies slowly adapt, and often-conservative businesses change the way they do things. Experts have enthused that, the industry should expect to see more companies moving to cloud technologies for tasks such as security analytics, KYC verifications, consumer payments and credit scoring. This expansion will be accompanied by a boom in cyber security.
Another major trend is Information sharing, which prepares to move beyond big banks. One of the most promising AML compliance trends for 2019 is