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Regulatory requirements vary across key regions like the European Union (EU), and the US. Failing to fully appreciate the regulatory requirements across jurisdictions where conducting business is an additional source of risk — particularly for Payment Service Providers (PSPs) still building out their compliance frameworks.
The dominance of traditional banking networks is declining. And in the face of rising costs, some banks are discarding less profitable customers creating an environment where fintechs with slim or nominal profit margins risk being de-banked. Underlining the need to cut unnecessary costs by streamlining cumbersome and costly compliance processes.
The European Banking Authority recently found that processes at PSPs on money laundering and terrorist financing risks were inadequate. Revealing key risk areas that need to be addressed across transaction monitoring controls, system implementation, and internal governance.
PSPs need to scale quickly, satisfy the regulator and deliver to increasing demand, in our eBook, we share how can they future-proof their businesses with effective compliance controls and focus on revenue generation.
Download now for insights into:
- Effective automation of compliance processes
- Improving efficiency when onboarding clients
- How to rapidly respond to new regulatory demands
Find out how to overcome other barriers that the payments industry often faces when handling AML compliance.
You can also watch our webinar Manage AML Risk in Payments to gain further information.