Financial Crime World

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Puerto Rico’s Firms Re-Evaluate AML Strategies Amid Economic Uncertainty

In the face of a volatile economic environment, Puerto Rican financial institutions are re-examining their risk appetite and bolstering their Anti-Money Laundering (AML) defenses. According to ComplyAdvantage, 99% of firms globally have been reassessing their AML strategies in response to the uncertain economic climate.

The Need for Robust AML Solutions

The need for robust AML solutions is underscored by alarming statistics:

  • £1.2 billion was stolen through fraud in the UK alone in 2022, as reported by UK Finance’s Annual Fraud Report.
  • Money laundering is estimated to result in losses of 2-5% of global GDP, a staggering figure highlighted by the United Nations Office on Drugs and Crime (UNODC).

Streamlining AML Compliance in Puerto Rico

FullCircl’s Customer Lifecycle Intelligence platform offers a comprehensive solution, combining rich data and screening tools to identify a broad range of relevant risks efficiently and cost-effectively. Our AML software solutions enable financial institutions in Puerto Rico to:

  • Detect and prevent money laundering, ensuring compliance with evolving regulations
  • Reduce manual effort and costs by surfacing actionable insights from multiple data sources through a single platform
  • Spot risks sooner by customizing matching thresholds and receiving risk intelligence to identify onboarding challenges before establishing a business relationship
  • Improve customer experience by building trust from the first conversation and accelerating the onboarding journey without compromising compliance

Puerto Rico’s AML Landscape

With FullCircl, Puerto Rican financial institutions can leverage advanced AML verification capabilities, including:

  • Automated AML checks screening against PEPs, sanctions, adverse media, watchlists, and credit
  • PEPs, Sanctions, and Adverse Media access with categories aligned to the latest FATF recommendations and a 70% reduction in false positives
  • Understanding ownership and UBOs through recognition of connections between directors, shareholders, and group companies up to the Ultimate Beneficial Owner

Country Coverage

FullCircl’s AML software encompasses data from around the globe, providing real-time access to official company filings from over 365 million entities in 160+ countries. This comprehensive coverage ensures that financial institutions in Puerto Rico can confidently identify a broad range of relevant risks efficiently and cost-effectively.

Get in Touch

For more information on AML solutions in Puerto Rico or to learn how FullCircl can help your institution, please contact us at [insert contact information].