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San Marino Seeks Tech Solutions to Bolster Anti-Money Laundering Efforts
The tiny republic of San Marino is ramping up its fight against financial crime, with a focus on leveraging cutting-edge technology to strengthen its anti-money laundering (AML) and know-your-customer (KYC) compliance framework. As the country’s financial sector continues to grow, so does the risk of illicit activity.
Combating Financial Crime with Innovative Technology
To combat this threat, San Marino authorities are turning to innovative technological solutions that can help improve AML compliance and mitigate financial crime risk. One such solution comes from global consulting firm PwC, which has developed a suite of proprietary tools designed to support financial institutions in their efforts to prevent money laundering.
PwC’s Proprietary Tools for AML Compliance
According to industry experts, the key to effective AML compliance lies not only in robust regulations but also in the implementation of advanced technology that can detect and flag suspicious activity. PwC’s range of tools is aimed at helping San Marino-based financial institutions meet this challenge head-on.
Some of the solutions offered by PwC include:
- CASEit: a web-based tool for AML compliance, transaction monitoring, trade surveillance, operational risk management, and anti-fraud case management
- Customer Due Diligence Tool (CDD): a web-based platform that streamlines the collection of customer data and facilitates risk assessment in line with KYC requirements
- Name/entity matching: sophisticated algorithms for identifying matches across different systems, regions, and business lines to enhance name screening and matching processes
- Suspicious activity detection tuning: advanced statistical analysis techniques to refine transaction surveillance technology and reduce false positives
Additional Support from PwC
In addition, PwC provides a Know Your Customer Quick Reference Guide, which offers a user-friendly overview of AML legislation and regulatory requirements for nearly 50 countries.
The Importance of Tech-Driven Approaches in AML Compliance
The adoption of these technological solutions by San Marino’s financial sector is seen as crucial in the country’s efforts to maintain its reputation as a stable and secure financial hub. As the global fight against financial crime continues to evolve, innovative tech-driven approaches like those offered by PwC will play an increasingly important role in supporting AML compliance and safeguarding the integrity of the financial system.