Avoid millions in fines by enhancing your due diligence checks

Recent press has highlighted the inadequacy of some companies’ current anti-money-laundering programs, with high-profile corporations coming under fire.

Fines for failing to comply with anti-money-laundering initiatives can be huge, costing banks millions of dollars, but this can be avoided by ensuring that you have adequate anti-money-laundering checks in place.

So what can we do about it?

It is possible to become better informed about your customers by utilizing different and new data sources to increase the information you hold on them. Money laundering risks can be minimized by employing more robust and well-rounded checks that take into account more about the individual and provide support to their claims regarding income and affordability.

With most consumers spending hours online each and every day, digital footprint data can be an extremely powerful data source to utilize during verification and risk. Quality, quantity, and significance of data all play a vital role in building a 360-degree view of the individual that you are dealing with.

Valuable examples include lifestyle information gathered from large quantities of digital data built over time on their travel (including holiday destinations and frequency), the types of brands that they interact with (are these luxury/high-end?), employment verification and income indicators.

These are all things that Hello Soda can provide access to with their unique software solution. It’s time to leverage the vast amounts of data created in the digital age and utilise this for more robust due diligence checks and avoid falling to the same fate as these major players.

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Author Chad Rooney