While many firms may have started to adopt technology to get them started on this journey, many still question if they are focussing their investment in the correct way, to create outcomes that will satisfy the regulator.
With manpower still accounting for around 70% of the cost burden of AML/KYC compliance, the question is whether the technology being deployed is really maximising a firm’s ability to reduce manual processes, stop working in siloes, and free up their compliance team’s ability to focus on the most significant risks?
Adopting the right kind of technology to address these challenges can not only significantly increase compliance productivity, but can unlock better customer value by creating a much-improved customer experience.
Despite the advantages technology affords, recent research conducted by LexisNexis Risk Solutions in spring 2021, showed that on average, wealth management firms were only 60% complete on their 5MLD implementation plans,. Alongside this, many firms in the study expressed strong concerns around the cost implications of compliance on their business.
Steve Elliot, Managing Director of LexisNexis Risk Solutions, UK and Ireland, presents to PIMFA members at the recent Financial Crime Compliance Conference, 2021, on how a technology-led approach can help Wealth Managers comply with all of their current AML regulatory requirements, whilst simultaneously achieving a high-value client experience and process cost-effectiveness to support market competitiveness.
This video highlights the various opportunities that technology now offers wealth management firms to support in the delivery of their AML compliance commitments while also driving commercial opportunities for greater customer value. Topics covered include;
How and where to apply technology to address their KYC/AML screening needs for 5MLD
How technology can create more significant cost savings in their KYC/CDD compliance processes
How AML/KYC screening technology can be deployed alongside legacy systems
Why a tech-led approach can deliver a better customer experience