Poland Seeks to Combat Financial Crime with Innovative Strategies
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The estimated value of the criminal economy globally has reached almost $6 trillion, with AML fines imposed in 2020 totaling over $10 billion. As financial institutions in Poland struggle to comply with increasingly complex regulations, criminals are finding new ways to evade detection.
The Need for Change
Financial institutions must transform their operating models and strategies to increase productivity, reduce costs, and focus on core business. According to experts, a managed service model is the key to success.
A Comprehensive Approach to Financial Crime Prevention
A leading provider of financial crime prevention services has already helped institutions in over 30 countries worldwide to meet their regulatory needs. The company offers a comprehensive approach to anti-crime processes, leveraging industry knowledge, technology expertise, and operational experience to:
- Improve processes
- Automate processes
- Partner with clients in the execution of their processes
Financial Crime Managed Services
The company’s Financial Crime Managed Services offer end-to-end client lifecycle support, from onboarding to exit, across various stages of the lifecycle. The delivery setup is flexible, allowing for a tailored solution that meets each client’s needs.
Benefits of the Managed Service Model
The benefits of this approach include:
- Operational transformation
- Focus on core business
- Cost reduction
- Revenue growth
- Capacity alignment with changing demands
- New regulatory challenges addressed promptly
- Service delivery improvements
- Collaboration with a partner providing the right scale and experience
AML Managed Services Scope
The company’s AML Managed Services scope includes:
- Know Your Customer (KYC) processes
- Transaction monitoring alert investigation
- Client exits
- Screening as a service
- Know your vendor (KYV) / third-party risk management
- Quality check (QC) & quality assurance (QA) as a service
- Subject matter expertise (SME) as a service
Conclusion
By adopting an innovative managed service model, financial institutions in Poland can effectively combat financial crime and ensure compliance with regulations. With its comprehensive approach to anti-crime processes, the company is well-positioned to help institutions meet their regulatory needs and stay ahead of the growing threat of financial crime.