In 2018, compliance failures with money laundering become a big threat to the financial structure of Europe. There were many cases deadline these infections in large financial institutions. The companies like Rabobank, Goldman Sachs, ING making headlines due to wrong reasons. In fact, more the $200 billion money laundering case came into exposure between the years 2014 to 2016. So, it becomes important to get identity theft management procedure in the picture and reduce the chances of these cases.
Below mentioned are few of the compliance trends which one should follow in the year of 2019 to get their business in the right track, take a look:
The industry of crypto has exclusively achieved a lot of prominences and that too for money laundering exercises. These exercises were achieved because of regulatory scrutiny lapses. It has been stated that the officials will take action against the ones who use crypto assets for illegal purposes. It was confirmed that they were investigating a number of organizations involved in the cryptocurrencies sale. They also issued warnings to a number of companies who were suspected of fraud. With risk management process they achieved greater transparency. They are expected to develop better risk management process and robust response which will take complete care of the risks in the year 2019.
Complex Sanctions Landscape to Continue:
The United States is going to enhance its strategic war against China. It will do that with sanctions, tariffs, and regulations, by enforcing a huge amount of pressure on Europe to do the same in following even more brutal sanctions. This new dynamic surely has all the potential to develop a lot of problems for companies in the European territory trying to move an enhancing complicated regulatory landscape.
Right to Work
Employers are exclusively obliged by Right-to-Work law to perform checks on international citizens and EU. This will surely not get modified in the month of coming March and also in the occasion of a no Brexit deal. The citizens of the EU will be able to offer the same evidence of their Right-to-Work by sharing a legit National Identity Card, Passport, Working Visa, or Biometric Residence Permit.
Automated KYC And AML Compliance
The companies today are becoming more customer-centric and the regulations are becoming complicated. It is a big challenge to handle the complex activities of AML and KYC compliance by providing a flawless experience to clients. There are many companies investing in automated RegTech and Fintech Conference 2019 to make sure their process can work with complete efficiency making the client onboarding process smoother.
Intelligence Sharing To Combat Financial Frauds
When it is about financial crime, financial service providers have understood that intelligence-sharing is the right line of defense to secure their customers from non-compliance and threats. For this reason, The Financial Action Task Force has exclusively made intelligence sharing an important part for 2019 to fight the financial crime with complete efficiency. In the year 2019, the process of intelligence-sharing is surely going to get bigger and help business on finding a route to fight financial crime with complete security.
In 2019, you will notice enhanced attention on high-risk provinces. Businesses or financial services engaged in these respective countries or provinces will be subject to improved due diligence when executing onboarding assessment. The teams for compliance will make sure that KYC is not just a box during the time of onboarding. The monitoring procedure will be implemented to control the modifications throughout the client’s life-cycle.
So, if you suffering from any of the above-mentioned trends or would like to know more about these compliance trends, then do not hesitate and join hands with the professionals in the business. They will make sure you remain fully secure and compliant in the year 2019.