The UK is taking AML regulations very seriously. More and more financial institutions and other entities (e.g. law firms, e-commerce companies, and others) are being prosecuted and fined for failing to comply with very strict, yet necessary, AML rules and norms.
Recently HSBC Holdings PLC was fined £63.95 million by FCA (Financial Conduct Authority). According to the regulator, HSBC “had made a string of failings, including inadequate monitoring of money laundering and terrorist financing […] and poor risk assessment of “new scenarios.”
The UK Unit of Standard Chartered Bank was fined £46.55 million by the PRA (Prudential Regulatory Authority) for failures in internal controls and reporting.
According to Sam Woods, deputy governor for prudential regulation and PRA’s CEO, “Standard Chartered’s systems, controls and oversight fell significantly below the standards we expect of a systemically important bank, and this is reflected in the size of fine in this case.”
Today Financial Institutions, legal firms, exchange houses, e-commerce companies, auditory firms and many others need to ensure that the measures they take to fight and prevent money laundering and other types of financial crimes are efficient. It’s not any longer enough to show the world that the right “compliance teams” and dedicated technology are in place. These teams and technologies must actually do the work, i.e., effectively monitor and report all (or most of) suspicious activities, clients, and transactions.
It’s no longer a formality, and the excuse of “too many false positives” is not helping.
To comply with AML/CTF regulations, effectively fight financial crime and avoid serious fines and reputational damage, the FI’s and other entities need to utilize the best and the most effective technological and logistic solutions that the market can offer.
Fincom’s AML/KYC solution is one-of-a-kind engine, based on unique phonetic fingerprint technology.
- Ensures 90% reduction of false positives by providing accurate name matching
- Matches references in 40 different languages in real time,
- Matches and cross-references complex structured names,
- Helps to avoid discrimination claims (read more on “Fighting algorithmic bias”),
- Considerably reduces spendings on compliance staff;
- Operates in real time (<200ms) and more
Fincom.co is a game changer in AML compliance!