Why AML Services Is A Must-Have Security Feature For Banks?
Money laundering activities pose a serious security risk for banking industry as regulators are continuously tightening their guidelines and imposing fines that go as high as 7 figures. Financial watchdogs have forced national governments and international community to take a strict stance against illegal transfer of funds, especially from 3rd world countries into Americas, Western Europe and many tax havens spread across the globe. Anti-Money Laundering (AML) softwares, more commonly known as AML softwares, are considered a secure way of identifying individuals that pose financial risks, thus, allowing banks appropriate response time to deny these probable customers their service. AML Services - Manual vs. Automated Debate AML services are being used by all major banks across the globe but most of them are only performing AML screening with the help of a manual review carried out by using human intelligence. As you can imagine, this is time consuming and costs a lot more than a bank w...