Remediation is crucial for firms to be fully compliant with fast-evolving AML/CTF standards. A customer may initially be onboarded as low risk, but this status can easily change over time, so firms must be able to quickly identify changes in behaviours and levels of risk.
A failure to keep up to date records can lead to significant enforcement actions including fines and even limits on growth. The Federal Reserve fined Deutsche Bank $186 million in July 2023, for insufficient progress in addressing AML control issues. In addition, having accurate and up to date customer profiles gives firms deeper customer insights, which can become a competitive advantage.
Read our latest guide to learn more about the challenges of remediation and how you can deploy best practices for success.
In this guide, we examine:
- The many challenges of remediation and how to solve them
- The current regulatory environment and cost of non-compliance
- The impact for Correspondent and Wholesale Banking
- The role of automation technology
- Best practices for successful remediation
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