The AML/CTF compliance transformation
Over the last few years, the compliance function has had to cope with heightened regulatory pressure. Compliance departments have grown in size, at increased cost to organizations. In addition, compliance departments must improve their efficiency and play a key role in implementing regulatory changes.
The time has come to transform the compliance function so that it can fulfil its primary roles, which include the oversight (monitoring and testing) of a company’s activities. The corporate governance and culture of institutions need to change and this will involve making changes to the tools and services they use (technology, enhanced collaboration
with external specialists, etc.).
Some institutions have already embarked upon this transformative journey by searching for efficient solutions and services so as to be compliant with all applicable rules.
Inside magazine issue 18, June 2018
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