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Podcast: Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence
Episode: Series 8, Episode 4: The case for reengineering KYC and the latest on sanctions screening challenges
Description: Firms need to re-engineer their anti-money laundering (AML) systems and controls to refocus on know-your-customer (KYC) processes to prevent the inevitable pile-up of transaction monitoring alerts. Firms' pivot to digital onboarding has prioritised speed over collecting enough information to determine whether transactions are suspicious. It has created an inefficient, expensive process where AML analysts are sifting through thousands of alerts looking for the proverbial needle in a haystack. The problems raise important questions about the ways that banks conduct AML controls today.Some banks, in an aim to onboard customers digitally in less than 24 hours, rely on tools...