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.
Get in touch to find out more
MORE LIKE THIS
New UKGC Recommendations to Require Age Verification Prior to Play
Recent recommendations from the UK Gambling Commission suggest that free-to-play money games such as Sky’s Super 6 will soon require age verification in order to play. Currently, anyone who wants to play a free-to-play money game can enter without proof of age, with the terms & conditions stating that the winner must be 18 years […]
How to enhance understanding of customers with rich lifestyle information
In light of the recent press, it is at the top of many businesses’ agendas to find a way to easily adhere to AML initiatives. It is vital that gaming businesses do all that they can to ensure that their services are not being utilised for money laundering, and the current ‘hot topic’ has only […]
The new way of banking
Convenience is a priority for consumers whether you want it to be or not. Other things matter of course – like security, compliance, and quality of service – but convenience is not a variable to push aside. Let’s take a look at why… Convenience is all around us The launch of AmazonGo is a very […]