AML framework a steep learning curve for companies

By Jarion Richardson

Your company is probably spending too much time and money on anti-money laundering (AML) compliance — and it could still get fined by the regulator.

Religious adherence to passport copies and utility bills are as antiquated as the Ford Model T. And like the Model T on a race course, an antiquated compliance programme will serve only to get outpaced by the modern financial criminal.

So in addition to the regulator not approving of your company’s out-of-date AML compliance programme, it will do very little to stop actual financial crime from polluting the company’s book of business…

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