The EU’s 4th Money Laundering Directive states that firms need to have consistent knowledge of their customers, the business and risk profile, including sources of funds. Likewise in the US with obligations from regulations such as the NYDFS Part 504. When weighing up these global requirements, your business may decide they’re not confident they have the ability to build a solution meeting them and that the personal and business risks associated with getting it wrong are too high.
At ComplyAdvantage, our solution can help you easily configure different types of scenarios, that automatically monitor different segments of clients against relevant scenarios. This is how we have helped our client Earthport to apply a proper Risk-based Approach (RBA) and to monitor risks more effectively, empowering their business to meet differing compliance regime requirements and risk profiles of their stakeholders.
If your IT/Dev team switched focus for many weeks or even months to deliver this project, would this draw highly valuable time away from revenue-generating activities, such as improving front-end products, user experience and processing? You may want to consider third-party solutions after calculating the opportunity cost of their teams focusing on other activities.
Like many custom software developments, when building solutions in-house, hidden costs will probably arise throughout the building process, and costs may arise from on-going change management. It’s difficult to budget for these costs as they’re unpredictable, imposing financial risks on the business if they can’t be managed. Flexible, ready-to-implement buy solutions often offer a license fee inclusive of ongoing support and maintenance, de-risking businesses financial forecasting.
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