The future lies with digital compliance solutions that offer a robust framework to support anti-money laundering (AML), according to a compliance specialist.
Martin Cheek, managing director of digital compliance firm SmartSearch, said regulated firms must heed the warning that complacency on compliance is a dangerous path that wastes valuable time and money
He argued that firms which continue to rely on manual processes are not only putting themselves at risk but also hindering their ability to stay ahead in the fight against increasingly complex financial crimes.
Cheek (pictured) said: “Remaining entrenched in outdated practices is a costly mistake for regulated firms. It is a waste of valuable resources and fails to address the evolving landscape of financial crime.
“Firms can now become more efficient with ‘triple-bureau’ checks through leading credit reference partners – Experian, Equifax, and TransUnion. With this comprehensive approach, we have been able to deliver a 97% match-and-pass-rate to the market.
“With the government recently renewing its focus on preventing fraud, and given the eye-watering fines and reputational damage which come with money-laundering breaches, investing in AML and digital compliance is becoming more of a cost-saving than a cost for firms.
“Triple-bureau efficiency is now the first line of defence for regulated firms. By leveraging cutting-edge technology and sourcing data from leading credit reference agencies, firms can now have an unmatched level of confidence in their compliance processes.”
