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For the past several years, financial institutions have had to deal with increasingly complex, demanding compliance requirements, particularly relating to anti-money laundering/combating the financing of terrorism (AML/CFT) requirements. Compliance with such requirements is not an option anymore, as sanctions-related fines emitted by regulators reach never-seen-before levels: in 2020, banks were fined a total of $14 billion (roughly €12 billion), with AML violations representing the most common cause.(1)(2) In addition to the financial impact, news of a sanction is accompanied by significant reputational damage, further hindering business.
The obligation to perform strict control activities, not only during onboarding phases but also to recertify client-related...
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