Financial Institutions in San Marino Leverage Technological Solutions to Combat AML and KYC Compliance
San Marino, a small but financially savvy nation, is no stranger to the challenges posed by anti-money laundering (AML) and know-your-customer (KYC) regulations. As financial institutions navigate the complexities of international transactions, it’s becoming increasingly clear that technological solutions are key to staying ahead of the game.
The Problem: Staying Ahead of Disparate Technologies and Regulations
With a plethora of technologies and resources at their disposal, financial institutions in San Marino face the daunting task of consolidating resources. Thomson Reuters Risk & Fraud Solutions aim to solve this problem by providing end-to-end tools that help combat fraud and comply with AML and KYC regulations.
Trends Impacting Financial Institutions in 2022
From emerging technologies to stricter government regulations, there are many trends impacting financial institutions today. According to a recent report, San Marino’s financial institutions will face several challenges in the coming year, including:
- The boom of DeFi: Decentralized finance is changing the way transactions are conducted, and financial institutions must adapt.
- Stricter government regulations: Governments worldwide are increasing their scrutiny of financial institutions, making compliance a top priority.
- Environmental and social pressures: Financial institutions are under pressure to prioritize sustainability and social responsibility.
Technological Solutions for AML and KYC Compliance
To stay ahead of these challenges, San Marino’s financial institutions can turn to technological solutions that help with:
- Identity validation: Confirming the identity of individuals or entities presenting it to prevent fraud during onboarding.
- Risk screening: Screening individuals or entities for global sanctions to identify potential risks such as Politically Exposed Persons (PEPs) and State-Owned Enterprises (SOEs).
- Risk assessment: Verifying if individuals or entities are within a company’s risk tolerance levels to determine whether to enter into a business relationship.
- Monitoring risk: Evaluating ongoing activity of individuals or entities to be alerted of any new adverse matters.
- Investigating concerns: Investigating suspect hits and alerts to quickly understand and mitigate troubles that could harm the business.
Streamlining Onboarding, Risk Assessment, and Investigations
By harnessing the power of trusted data with risk and fraud solutions, financial institutions in San Marino can:
- Improve compliance with regulations
- Enhance customer experience through efficient onboarding processes
- Reduce costs associated with manual verification and investigation
Request a Consultation Today
Financial institutions in San Marino are encouraged to request a consultation today to learn more about how they can stay ahead of the game with technological solutions for AML and KYC compliance.
Disclaimer: Thomson Reuters is not a consumer reporting agency, and none of its services or data contained therein constitute a “consumer report” as defined in the Federal Fair Credit Reporting Act (FCRA). The data provided may not be used as a factor in consumer debt collection decisioning, establishing a consumer’s eligibility for credit, insurance, employment, government benefits, or housing, or for any other purpose authorized under the FCRA.