Financial Crime World

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Financial Institutions in San Marino Leverage Advanced Technology for AML/KYC Compliance

San Marino’s financial sector is embracing cutting-edge technological solutions to meet the evolving Anti-Money Laundering (AML) and Know Your Customer (KYC) regulatory requirements. Local banks and financial institutions are now using advanced KYC tools to effectively manage complex financial crime compliance and stay ahead of emerging risks.

The Power of Advanced KYC Solutions

The innovative technology connects financial institutions to a vast database of over 6 million structured profiles of individuals and entities, providing robust intelligence to enable informed decision-making. This comprehensive KYC solution enables San Marino’s financial sector to conform with key components of AML laws, including:

  • USA Patriot Act
  • Fifth EU AML Directive
  • FATF guidelines
  • Beneficial Ownership regulatory requirements

Automating Customer Due Diligence

The advanced technology empowers financial institutions to automate critical customer due diligence procedures (CDD), thereby increasing efficiencies and reducing delays for legitimate customers. By leveraging targeted KYC and CDD tools, San Marino’s financial sector can:

  • Isolate financial crime compliance and AML risks
  • Streamline customer identification procedures
  • Simplify account openings
  • Accelerate ongoing financial services transaction workflows

Real-time Risk Profiles

With its expansive customer risk profiles updated daily, the technology covers over 50 risk categories and subcategories, including:

  • Global sanctions
  • Enforcement actions
  • PEPs (Politically Exposed Persons)
  • State-owned enterprises
  • Registration lists
  • Adverse media

A New Era of AML/KYC Compliance

This advanced technological solution is poised to revolutionize AML/KYC compliance in San Marino’s financial sector, enabling institutions to focus resources on relevant risks and strengthen their KYC processes and policies. As the global regulatory landscape continues to evolve, San Marino’s financial institutions can now stay ahead of emerging risks with confidence.