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The Importance of AML Software in Modern Financial Compliance
In the last few years, there has been an increase in the number of businesses fined for non-compliance, where companies failed to implement the proper controls against fraudulent activities, or failed to report issues with their process. An effective KYC program must cover 4 main aspects: the client’s verification and identification, the process of monitoring transactions, evaluating the risk, and case management with reporting data.
Having an effective anti-money laundering program will allow you to focus your human resources on growth opportunities, rather than tediaous data collection, validation and review tasks that are often incredibly detail-oriented and repetitive.
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