Tag: AML banking

Anti-money laundering rules are important for banks because they help find and stop any possible financial crimes. The rules are always changing, and bad people always come up with new ways to hide their money. For this reason, banks have to review and improve their AML banking compliance programs regularly. For the safety and honesty of the banking industry, it is important to keep working to improve AML programs. 

This article will talk about seven ways that banks can make their anti-money laundering (AML) programs stronger. 

Enhance Customer Due Diligence

Banks can make their AML compliance even stronger by knowing their customers. Representatives should get more information during this process and ask what kind of deal the customer made to get to know them better. Monitoring all the time is also important. The people who work at the bank have to check the accounts often for any changes and be on the lookout. It helps the bank understand what its customers want and also ensures that money isn't being laundered through the banking system. Institutions actively reviewing accounts can reduce suspicious activities by up to 60%. Business banks, in particular, benefit from robust AML practices as they often handle larger transactions and more complex financial activities.

• Improve Transaction Monitoring Capabilities

To better keep an eye on transactions that don't follow standards, banks can come up with... Read More