AML: The Changing Regulatory Landscape of European Union

AML: The Changing Regulatory Landscape of European Union

Worldwide regard for illegal tax avoidance and financing of terrorism and anti-state activities has developed exponentially as of late. As crooks find new strategies, worldwide money related guidelines continually advance to attempt to keep up. Right now, organizations face expanded dangers of hefty penalties and reputational harm on the off chance that they are not prepared to replace their old age traditional manual procedures and adjust their inner methods to meet the new norms.

At the same time, the world has become a substantially more interconnected spot where organizations that need to extend past their home market are given astounding potential outcomes for development. In any case, with each new locale come diverse administrative necessities which no money related establishment can bear to ignore.

Right now, European Union guidelines have assumed a key job in driving the route for the KYC trends of the world to follow. Late prominent instances of supposed illegal tax avoidance in banks have expanded the overall population’s and the regulator’s consideration on the entrance of illegal cash and extortion money into European social orders, so almost certainly, the current prerequisites will be consistently balanced as the organizations’ information on these criminal practices develops. To include a further degree of multifaceted nature, the advancement of client desires is including new associations to convey consistent, completely computerized and portable encounters.

Historically, the role of risk and compliance professionals has always been the one of the gatekeepers who would put processes in place to protect the organisation against damaging individual behaviour, hefty regulatory fines and reputational consequences. In this new, stricter regulatory environment, this role has become even more fundamental. In particular, the growing risk of economic and reputational repercussions has been pushing the compliance function closer to the centre of the business structure. The approach to compliance is ceasing to be an afterthought or a “just put it on” exercise, becoming more proactive and strategic especially related to KYC.

With multiple regulations coming into force in the span of a few months around 2018 & 2019, compliance professionals have found themselves in need of a more flexible and dynamic approach to their function, one that would allow for prompt changes to adapt to the new requirements as they are introduced.

In one of the whitepapers recently released by a reputed European agency, there was a comprehensive analysis of the most important financial regulations introduced in Europe over the past few years. We have taken a closer look at how legal and risk teams have been driving change across their organisations working with multiple stakeholders to review operational workflows, update technological infrastructures and propose a new approach to compliance, in this case KYC.

Hence, the urgency and the tendency of the EU climate is rather inclined towards streamlining the banking and institutional structures, wherein firms like Accura Scan can participate and be a suitable partner in the ongoing journey.

Accura Scan mobile technology provides you with the ability to effectively use your mobile device camera and quickly onboard their customers. This will enable not only help to seamless Customer On-Boarding by scanning a Passport or ID card with 3D selfie technology but also verify and authenticate your customers remotely in real-time. It can work offline or can be stored on cloud or use it your way using our SDK / API’s. You can check out more information about us here- https://accurascan.com/download