Article

Female consultant standing and writing on a desk

Category: Expertise strategy

Steering AML challenges: Embracing technology for a seamless future

Discover how to navigate AML challenges with automated processes and fortify your organization's integrity and operations - essential knowledge for today's interconnected business landscape.

In an interconnected global economy, the integrity of financial systems is paramount. Protecting organisations against financial crimes like money laundering is not merely a regulatory requirement but a fundamental necessity for maintaining trust, stability, and ethical practices within the overall financial landscape.

Anti-Money Laundering (AML) processes are crucial for organisations, particularly in industries such as finance and banking but also any sector susceptible to significant financial transactions. For processes to operate ethically and securely whilst adhering to compliance, AML processes must be implemented to act as a protective shield against financial crimes and to enhance trust amongst stakeholders.

With digital payments developing further with time and cybercriminals becoming more agile, businesses must be aware of the pitfalls to cover their backs.

 

What are ALM processes?

We know that AML processes are the foundation of safe and secure business transactions, however, these procedures do often display hurdles that can slow down operations and lead to challenges.

As technology has evolved, it has played a crucial role in offering innovative solutions. The solutions not only enhance the efficiency of AML processes but also strengthen its security and boost confidence.

There are a number of processes that help businesses address AML risks. Customer due diligence or Know Your Customer (KYC) checks should be high on the agenda and be completed during the onboarding process, as background assessments can verify legitimate funds and flag any potential risks such as illicit activities.

Transactions should be monitored at all times and AI has developed in a way that  has made the process become second nature to financial organisations. Employing automated systems to observe transactions in real-time involves setting thresholds and rules to detect unusual or suspicious patterns of activity that might indicate potential money laundering.


 

  Customer due diligence or Know Your Customer (KYC) checks should be high on the agenda and be completed during the onboarding process, as background assessments can verify legitimate funds and flag any potential risks.

 


Sufficient documentation of customer activity is crucial for audits and regulatory compliance, and if suspicious activity is recognised, the information can be collated and investigated further.

To ensure organisations are on the same page, regular compliance and training programmes should be offered so all employees in the business develop a comprehensive understanding of AML regulations and reporting procedures. Ensuring teams are up to speed also reduces the risk of human error.

 

Challenges in Anti-Money Laundering

Although the processes are designed to safeguard legitimate businesses from exploitation by criminals, challenges still do arise which can catch some organisations out.

The changing regulatory landscape can create confusion as there will be specific nuances, especially between different countries, that are sometimes overlooked. To combat this, organisations should keep their ear to the ground and make it their mission to stay up to speed with changes, so they avoid any dangers.

Consultants and advisors i an office space seen from above

Alternatively, once businesses have cracked the code and found solutions to the common money laundering techniques, criminals will invent new methods which must be investigated. Similarly to regulatory changes, businesses must stay ahead of the experts to mitigate financial crime.

 

Embracing Technology

By utilising automation, businesses can simplify the processes of AML by amplifying data verification, strengthening security, optimising risk management, and enabling more accurate monitoring. It will also reduce pressure on teams and enhance customer service processes, maintaining strong relationships and trust.

Leveraging the right technology empowers businesses to achieve efficiency by substantially reducing onboarding time through automated data collection and processes. AI and robotics can streamline processes by verifying data quality and minimising errors, removing the duplication of efforts, and improving customer onboarding experiences.

Technology also allows organisations to save money as it will reduce the need for mundane tasks and teams can channel their efforts into more important areas that lead to return on investment.


 

  Utilising automation, businesses can simplify the processes of AML by amplifying data verification, strengthening security, optimising risk management, and enabling more accurate monitoring.

 


Financial institutions dealing with international clients benefit from technology's ability to verify identities across borders which would have been difficult before. Advanced biometric and identity verification technologies transcend geographical barriers, facilitating remote customer identity authentication and allowing organisations to widen their reach.

Incorporating technology into AML operations helps prepare financial institutions for future readiness. By implementing AML solutions, businesses will be confident that they will uphold reliable performance standards and display utmost security and data privacy standards for their clients.

Ready to find out more?

Optimise your KYC & AML processes with our strategic approach.

Blog

Read more

left-arrow
right-arrow

Consultants assessing regulatory documents
Expertise strategy
Risk & Compliance

What is NIS 2 and how should businesses prepare?

With increasing cyberattacks, organizations must prioritize compliance, improve cyber hygiene, and implement standards like ISO/IEC 27001 to build resilience and reduce risks. Learn what NIS 2 is and how businesses should prepare for this comprehensive European cybersecurity directive.

Consultants around a meeting table discussing KYC cases
Expertise strategy
Risk & Compliance

The future of preventing Financial Economic Crime and the importance of KYC

Understanding KYC protocols, AML regulations, and broader financial crime trends is vital for maintaining financial integrity. This article discusses key developments in compliance, KYC, and AML.

Data & Analytics
Expertise strategy
Tech & Development

New EU Act on Artificial Intelligence

Learn the ins and outs of the world’s first comprehensive legal framework on AI, the new EU AI Act and its anticipated impact on businesses.

Illustration of a solid chain with code written in the metal
Expertise strategy
Risk & Compliance

Digital Operational Resilience Act (DORA)

Here’s everything you need to know about the Digital Operational Resilience Act (DORA) which will apply from 17th January 2025.

Expertise strategy
Risk & Compliance

Proposed Code of Practice on cybersecurity governance

Explore the UK Government’s latest draft on cybersecurity governance Code of Practice together with emagine’s expert, Trine Øksnebjerg.

A business consultant ready to give a presentation at work.
Expertise strategy
Strategy, change & transformation

Embracing change as an opportunity for growth

In this article, we outline the best practices when it comes to navigating organizational change, including how to tackle challenges and maintain a clear vision when unprecedented issues arise.

Modern business environment with a man and woman in front of window facing a city
Expertise strategy

People-centric leadership: Tips for fostering digital wellbeing at work

This article equips team leaders with strategies for fostering digital wellbeing in the workplace, empowering them to guide their teams through the challenges that come with prolonged screen-time, hybrid work, and other factors of digitalisation in a modern workplace.

Expertise strategy
Strategy, change & transformation

Empower your teams through strategic thinking

This article considers why strategic thinking is crucial to effective leadership and explores some practical ways for leaders at all levels to develop this skill.

Consultants and advisors i an office space seen from above
Expertise strategy
Trends

Insights into 2024 business trends

With 2023 behind us and eyes fixed firmly on what opportunities 2024 will bring, Gillian Whelan, Country Manager of emagine Ireland, outlines five trends that will affect businesses this year.

Female consultant standing and writing on a desk
Expertise strategy
Risk & Compliance

Steering AML challenges: Embracing technology for a seamless future

Discover how to navigate AML challenges with automated processes and fortify your organization’s integrity and operations.

Bestshoring
Data & Analytics
Expertise strategy

Poland: An AI Centre of Excellence

AI is reshaping industries globally, and Poland’s thriving ecosystem positions it as a leader in AI development. emagine’s Cloud Administrator explores why Poland is a powerhouse in AI.

Business consultants conducting a meeting
Expertise strategy
Managed teams & Service
Staff augmentation

Managed Resourcing Services vs. Traditional Staff Augmentation

In the ever-evolving landscape of business operations, companies are constantly looking for ways to optimise their workforce strategies. Explore the two popular approaches that have gained prominence: Managed Resourcing Services (MRS) and traditional staff augmentation.

Expertise strategy
Risk & Compliance

Programme Governance: Top tips for success

In this article, we share some tips to navigate the intricate landscape of orchestrating interconnected projects and activities within a strategic framework.

Project manager at a meeting with his team.
Expertise strategy
Projects & Implementation

What has changed in PMBOK 7?

PMBOK is regularly updated to accommodate new trends, best practices, and developments in the field. How much has it changed between editions?

A team leader in front of her team
Expertise strategy
Projects & Implementation

The importance of leadership skills in a Project Manager

Behind every successful project lies a competent and visionary leader. In this article, we delve into the undeniable importance of leadership within project management and explore how effective leadership can be the driving force behind achieving project objectives.

Advisory & Solutions
Expertise strategy
Strategy, change & transformation

Building your PMO – Influence and Position

There are a number of things to consider when introducing a PMO. The Project Management Office fails far too often because of the wrong approach, and it can only be successful in the long term if fundamental questions are considered at an early stage.

Doug Collyer is Country Manager in UK
Expertise strategy
Strategy, change & transformation

The Nordic way of working: how does it help emagine consultants optimise their clients’ operations and boost profits?

emagine’s Nordic way of working embraces different perspectives and approaches to solve challenges and power progress among our consultants. Learn how our experts and Nordic work style can optimise our client’s operations and profitability.

thre people in a amicable meeting
Expertise strategy
Staff augmentation

Good onboarding: Setting your external workforce up for success

Enabling new consultants seamlessly integrate into your organisation is critical to their success. To ensure a smooth onboarding process, it is essential to help them get started immediately. This article will guide you through the most critical aspects of getting a consultant to start delivering from day one.

External consultants at a meeting in the office.
Expertise strategy
Staff augmentation

4 signs you need an IT consultant

Are you wondering if your company could benefit from hiring an IT consultant? This article outlines four common signs that indicate you may need external expertise to manage change, mitigate risk, or meet tight deadlines.

Bestshoring
Expertise strategy
Nearshoring
Publications

The Ultimate Guide to Nearshoring

Get our ultimate guide on how your IT organization can tap into Polish IT talent. Download the e-book and read condensed knowledge, facts and cases about Nearshoring based on our 12 years experience. Download now and get it free.

Expertise strategy
Tech & Development

The Complete Guide to Migrating Monolithic Applications to Microservices on the Cloud

As organizations strive to deliver high-quality software and services at scale, many are turning to a microservices architecture as a way to break down monolithic applications into smaller, more manageable components.

Modern business environment with a man and woman in front of window facing a city
Expertise strategy
Staff augmentation

The Science behind hiring the top 10%

As a business and technology consulting firm, we live of our ability to recruit the very top talent for our business. In this piece, I would like to share our thoughts behind the approach we on emagine UK. We call it: The science behind hiring the top 10%.

Expertise strategy
Strategy, change & transformation

People hate change, so how do you best implement it?

Bringing in new technology, individuals, or new teams to work on a key project can feel like a threat to existing staff – but it doesn’t have to be that way if you manage change positively.

Expertise strategy
Strategy, change & transformation

Key Success And Failure Factors Of The PMO

In this article, we will delve into Project Management Office (PMO) overview, and we will help you decide if it may be convenient for your team to have a PMO.

IT professionals outside engaging in conversation
Bestshoring
Expertise strategy
Nearshoring

Poland, the IT hub of Europe?

Poland has become a European talent hub in technology and engineering, and European companies leverage polish talent coding skills for nearshoring projects. Learn why.

Business woman talking to two colleagues
Expertise strategy
Staff augmentation

Team extension: How to hire external consultants successfully

Hiring external consultants isn’t something you should treat lightly. Learn the most satisfactory way to leverage experts in your organisation. In this article, Senior Account Manager Jytte Raahede shares her tips on onboarding consultants successfully.

Four professionals sitting together in a positive meeting smiling
Bestshoring
Expertise strategy
Nearshoring

A short guide to succeeding with Nearshoring

For many companies, the decision to go nearshore is not an easy one. It’s a decision that requires a great deal of consideration – we know that because several of our current clients were also reluctant to go nearshore at first. Learn our tips on how to get it right.