Give your customers the experience they want and your compliance teams the information they need by integrating AML into customer onboarding.
Financial services companies face intense competition, and their customers demand fast, smooth, flexible experiences.
To effectively compete in the market and meet customers’ expectations, business lines at many financial services companies are onboarding customers and opening accounts at increasingly quicker paces. Any slowdown might be enough to send current or prospective customers elsewhere.
However, companies also need to gather the necessary information for customer due diligence (CDD) and Bank Secrecy Act/anti-money laundering (BSA/AML) compliance teams to meet regulatory requirements. If compliance teams can’t effectively gather the information necessary for their know-your-customer (KYC) program, they risk regulatory action.
So, how can financial services companies deliver the speedy, seamless experience that customers demand without creating unacceptable regulatory risks or unsustainable burdens for BSA/AML compliance teams?