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AML Compliance Culture - AML Solution API - Oct 2022

The growing number of business scandals involving sanctions violations, financial misconduct, bribery, and corruption underscores the need for healthy company culture. A good AML culture has strong support from the top for both ML*/TF** risk management.By implementing integrated controls.

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AML Compliance Culture - AML Solution API - Oct 2022

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  1. Did you know that the anti-money laundering software market is projected to reach $1.77 billion by 2023?

  2. Every year Money Laundering costs the world 2% to 5% of its GDP

  3. Index • What Exactly Is AML Compliance Culture? • Why is AML Compliance Culture Essential? • 4 Ways to Create A Strong AML and Regulatory Compliance Culture • Bottom Line • About Signzy

  4. What Exactly Is AML Compliance Culture? • The growing number of business scandals involving sanctions violations, financial misconduct, bribery, and corruption underscores the need for healthy company culture. • A good AML culture has strong support from the top for both ML*/TF** risk management. • By implementing integrated controls *Anti-money laundering (AML); **Counter-financing terrorism (CFT)

  5. Why is AML Compliance Culture Essential? Several regulators who seek to underline the significance of a favorable AML culture: • The Advisory to Financial Companies/Institutions on Promoting an AML Culture, published by FinCEN, emphasizes the importance of an organization’s culture to compliance. • Financial crime is unacceptable, AML resources are insufficient, and top management has little awareness, according to Financial Conduct Authority (FCA) reviews conducted in the UK. • According to AUSTRAC in Australia, compliance mechanisms alone are insufficient to produce good outcomes without a strong compliance culture. Still, the presence of a compliance culture can lower regulatory risk.

  6. 4 Ways to Create A Strong AML and Regulatory Compliance Culture • Re-examination of Corporate Governance • Organizational Structure • Identifying and Understanding Risk • Training *Read them in detail: AML Compliance Implementation

  7. Bottom Line • Developing an AML Compliance Culture starts with adopting newer modes of AML and KYC. For this, you will need a reliable fintech resources provider. At Signzy, we provide state-of-the-art quality API products that are AI-driven without needing a single line of code.

  8. About Signzy • Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. • Signzy’s marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets. • Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. • The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

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