The types of business that need to comply with AML legislation continues to expand with the introduction of each new legislation. The EU’s Fifth Anti-Money Laundering Directive is a prime example of this. Whilst multi-million fines and high profile leaks such as the FinCEN files shine the spotlight on the banks, regulators are starting to turn their attention to AML compliance in other industries. Notaries, real estate agents, art dealers and insurers are only some of the sectors impacted.
Currently, most AML work in these sectors is conducted manually without a dedicated in-house compliance function, leading to lengthy onboarding delays, dissatisfied customers, increasing costs and the potential for human error. Automated customer onboarding and AML compliance offer a quick and easy solution to this challenge, as shown by Fintact’s VCU solution.