Clari5 eBook: Staying Away From The ‘Fines’ Line

Failure to report suspicious transactions and adhere to AML regulations is increasingly becoming detrimental to Financial Institutions, leading to heavy fines, loss of reputation and legal ramifications. Despite this being a truism, globally penalties for AML non-compliance, sanctions breaches and inadequacies in KYC systems were $5 billion in 2022, amounting to almost $55 billion since the global financial crisis (Deloitte).

The scale of financial transactions coupled with a rapidly changing regulatory landscape calls for a rethink in AML strategies. Regulators and FIs are increasingly demanding AML program effectiveness over ‘tick-box’ compliance in order to build a more secure, resilient financial ecosystem.

Let’s explore the top 10 must-haves that FIs can use to bolster their AML strategy and avoid regulator penalties for AML non-compliance.