Financial Crime World

Here is the converted article in markdown format:

Know Your Customer (KYC) in Puerto Rico: A Guide to Compliance

In today’s digital age, financial institutions in Puerto Rico must navigate complex regulations and technologies to ensure compliance with anti-money laundering (AML) and know-your-customer (KYC) laws. Thomson Reuters Risk & Fraud Solutions provides end-to-end tools to help combat fraud and maintain regulatory compliance.

Best Practices and Industry Changes

The financial services industry is constantly evolving, with emerging technologies, stricter government regulations, and environmental and social pressures shaping the landscape. Stay ahead of the curve by understanding the latest trends and how they impact your organization.

Technology Solutions

From identity validation to risk assessment and monitoring, Thomson Reuters offers a range of solutions to help you streamline your onboarding process and comply with regulations. Our technology can help you:

  • Validate identities to prevent fraud during onboarding
  • Screen for risk by identifying potential politically exposed persons (PEPs), state-owned entities (SOEs), and other high-risk individuals or entities
  • Assess risk by verifying if an individual or entity is within your risk tolerance levels
  • Monitor risk by evaluating ongoing activity and alerting you to any new adverse matters
  • Investigate concerns by quickly understanding and mitigating potential issues

Dig deeper into our related articles, white papers, and case studies to gain a better understanding of the latest trends and best practices in AML and KYC compliance.

Industry Statistics

According to recent surveys:

  • 20% of respondents were extremely satisfied with their primary data provider
  • 42% of regulators stay up-to-date on BSA/AML technology
  • 46% of organizations reported difficulties in complying with new beneficial ownership requirements

Request a Consultation

Don’t wait until it’s too late – request a consultation today to learn more about how Thomson Reuters can help you harness the power of trusted data and risk and fraud solutions. Our experts will work with you to understand your unique needs and provide personalized guidance on maintaining regulatory compliance in Puerto Rico.

Note: Thomson Reuters is not a consumer reporting agency, and none of its services or data constitute a “consumer report” as defined in the Federal Fair Credit Reporting Act (FCRA). By accessing our services, you agree not to use the service or data for any purpose authorized under the FCRA.