AMLD
Money laundering is a clear focus for governments at the moment as is evidenced by increasing legislation (at ever shorter intervals). Increasing globalization and technical capacity has increased governments interest in close relationships with financial service companies.
“KYC checks cost the average bank $60 million annually” Hyperion
For institutions with turnover of $10bn+ KYC costs exceed $150m.
4th anti money laundering directive imposes fines of up to 10% of annual turnover for serious breaches
In the UK 25% of applications are abandoned due to KYC friction
Built to enable easy upgrades as technology improves (important given the current pace of change in this area), IAMAML enables integration with existing checks, a centralised repository of AML data, time saving for administrators and customers, and the ability to see visually and in list format relationships between individuals connected through companies across several layers and to quickly see if checks need to be done and the results of these checks.
AML processes are ripe for further automation, most transfer agencies and organisations are still far too manual in their carrying out of these processes resulting in increased errors, risk exposure, staff time and costs and customer dissatisfaction/longer onboarding times. By tracking funds and AML processes together Iamaml offers financial institutions the ability to save money, time, decrease risk, improve record keeping, enable faster corrections and systemic changes and improve customer satisfaction.