Jumio delves deep into AML compliance in new white papers
Anti-money laundering regulations are set for further change this year, having changed significantly in different jurisdictions over the past several years, as Jumio explores in a pair of new white papers.
‘Know Your Payments: A Guide to AML Compliance in the Payments Industry’ is a 13-page report on the impact fraud, money laundering and regulations are having on financial services providers.
‘Anti-Money Laundering in 2022: Understanding the Global AML Regulatory Landscape’ addresses the tightening restrictions and increasingly global focus of AML and counter-financing of terrorism (CFT) regulations around the world.
Alignment in recognition of a global problem
Changes in the AML regulations in seven countries from four continents are examined in ‘Anti-Money Laundering in 2022,’ with Jumio identifying a global trend towards additional compliance burdens to align businesses with guidance from international groups like the Financial Action Task Force (FATF).
The report details an AML investigation in Canada, describes changes already proposed in the EU, and covers re-evaluation processes and consultations being carried out in the UK, U.S. and Singapore. It also reviews stricter AML requirements already approved in Australia and China, and Hong Kong’s upgraded guidelines introduced last year.
Companies deploying technologies for automated risk screening and transaction monitoring, and robust case management tools, all provided as part of Jumio’s end-to-end KYX Platform, can configure them to help compliance to the regulations of the jurisdiction that applies to them.
FATF also plays a noteworthy role in ‘Know Your Payments,’ which sets out the role of know your customer (KYC) and transaction screening processes.
That means defining the requirements for money services businesses, cross-border payments, wire transfers and funds transfers, and the white paper also provides guidance on how customers can determine the right solution for their needs.