Today's regulatory enforcement regime is more complex than ever. The cost implications and regulatory expectations demand that any entity subject to Anti-Money Laundering ("AML") requirements find new and innovative ways to onboard and maintain customers as well as monitor transactions for unusual, potentially suspicious activity. Institutions that fail to innovate will find themselves at a competitive and regulatory disadvantage
Regulatory expectations are nothing short of intense today. Institutions have an immense amount of data and the regulators expect them to collect, clean, maintain, and incorporate all available data into the AML compliance program. One only needs to look at New York State Department of Financial Services ("NYSDFS") Part 504. This means the skills necessary to effectively manage an AML compliance program today are greatly different than they were in the past. Participants in the AML comlpliance program need varying degrees of strength in data, data technology, and data governance. In many cases the regulators are examining an institutions Data Governance Program ("DGP") in concert with AML examinations.
At ICRM our focus is to help our clients be prepared for this new world.