Tracking and screening customer financial activities is essential for identifying illicit activities that could jeopardize a company’s future operations, with 516 money laundering cases reported in Spain in 2023.
Ongoing AML monitoring examines customer activities throughout their business lifecycle, contrasting with one-time identity screenings, ensuring adherence to regulations and preventing exploitation by imposters.
Failure to meet ongoing AML screening requirements can lead to significant reputational damage for organizations, as these checks are vital for spotting unauthorized financial activities.
Incorporating automated strategies and a risk-based approach in ongoing AML monitoring helps businesses effectively identify high-risk entities and secure their operations against financial crimes.
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