Firms that aim to mitigate their regulatory risks, keep pace with industry best practices, and satisfy inquiries from prospective investors increasingly need support to evolve and maintain their anti-money laundering (AML) programs.
Compliance teams globally are tasked with meeting requirements under various Know Your Customer (KYC) and Customer Identification Program (CIP) regulations, or they can face significant fines. In 2019 alone, there were over $8B AML compliance fines globally, and penalties have continued to trend upward since 2015.