Smart Infotech

Money laundering dates back to the 20th century when the global economy bore due to organized crime. Even today, it is no less than a major concern for financial institutions and other businesses. Adding more to it, with the advancing technology, criminals are walking ahead of how they were before. For financial institutions and businesses to walk a step ahead, it is necessary to employ relevant and state-of-the-art measures for AML monitoring . If you are also looking to secure your business, let this article help you: The Concept of Ongoing Monitoring Ongoing monitoring refers to an organization's measure to ensure safe business relationships. It involves monitoring the reputation of the customers and their regularity with anticipated behavior patterns.  The process of ongoing monitoring can allow your organization to safeguard against criminal threats, which can also cause reputation loss and non-compliance. Here are the other reasons you need it: Client Profiles  Changes ...

The digital era has eased almost everything, from sharing information to transferring payments. However, everything comes at a cost, and these advancements have also brought some challenges for financial institutions. They need to ensure the efficiency of their process, respond to the regulations, ensure AML compliance , deal with financial crimes, and others.  Financial institutions must also efficiently carry out KYC processes to overcome many troubles. Let this post help you simplify the KYC process by addressing the potential challenges and ways to overcome them. AML Compliance Common Challenges Coming During KYC Process Effective processes for KYC can cost you a good amount of time and money. You may even come across these challenges: Not keeping records appropriately Facing high costs  Having long onboarding processes Facing the inability to detect risks due to inaccurate data Facing limited configuration Seeing customers leave in the middle of the process Finding the So...

Companies and organizations must have spent multiple nights and even years finding an effective solution to combat money laundering risk. Any established or growing company is under the serious threat of money laundering. So, with happiness comes a jolt of threat and fear. Why keep it when you can simply remove the threat? Money laundering cases are only increasing and going to increase in the coming years. There is no stop to the severity of money laundering. So, when it comes to combating the risk, it may as well be the best one.  AML Complianc e is an effective and potential solution to reduce the risk of money laundering cases. In Response to the increasing seriousness of financial breaches, the government applied some strict rules and regulations that can effectively reduce money laundering cases. The regulatory framework is essential to be compliant with.  Here are some visible results of AML compliance programs.   Adhering to the AML regulatory framework showed a ...