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Revolution or Evolution? Navigating Compliance in Financial Services

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In 2024 and beyond, the financial landscape will be characterized by rapid technological change and the importance of how we move money. Fintech companies are at the forefront of this response, revolutionizing payment methods and enhancing customer experiences. At the same time, they make the financial world safer.

This is more relevant than ever, as preferred payment methods continue to change. As highlighted in a recent Seeking Alpha article*, the financial services sector faces the need to meet consumer preferences for digital payments  at volume. They must also support integrated services that manage payments at scale, locally, nationally and globally.

Compliance is King

It’s that mix which creates the challenge, especially when organised crime is busy infiltrating the digital world, often hiding in plain sight. Compliance sits at the heart of this environment. It’s especially so with the Know Your Customer (KYC) routines and the checks that process encompasses. As regulations race to keep up with  sophisticated financial crime, effective compliance is critical for maintaining security, industry standards and building customer trust.

Additionally, full and effective compliance protects not just customers, but individual businesses too. Failure to demonstrate regulatory compliance risks financial loss with fines on top, plus reputational damage.

What’s the model solution?

Effective and deep rooted compliance requires services that get to the heart of each process and transaction, right from the start of KYC. Additionally, global reach for this provision is essential. Financial institutions must be able to navigate different regulatory environments seamlessly. “Gaps between” must be a thing of the past. Continuous transaction monitoring – behaviour checks – and rapid risk assessments should be re-enforced by the ability to do away with data “silos.”

To be a worthwhile exercise, KYC must be much more than a box ticking exercise. With the right services in place, this sometimes burdensome process can become a strategic asset, especially in areas like anti-money laundering and counter-terrorism funding. By enhancing the quality of KYC, a financial services provider can take advantage of dramatically improved security against financial crime. In doing so it benefits – internally and in the market – from long term confidence in the  stability and safety of its operations.

Introducing Compli from Essiell Compli

In this context, Compli is the suite of services. The platform’s always-on  behaviour checking ensures continuous vigilance, offering real-time insights into customer activities. There’s immediate detection of and a response to potential risks, so compliance, security, and minimization of vulnerabilities are always prioritized.

One of Compli’s most significant advantages is its ability to integrate and analyze data across various platforms. This delivers a comprehensive understanding of customers, and more effective and informed compliance strategies. It exemplifies the move away from traditional data silos towards greater interconnectedness. And with an innovative Global Person concept, Compli provides a unified, worldwide perspective of an individual’s financial profile, including thorough risk assessments and enhanced due diligence.

Charting the Future

As fintech companies navigate the complex global financial landscape, services like Compli emerge as an essential tool. It’s revolutionary in its scope and effectiveness, and it evolves continuously to meet the demands of frequently updated regulations. For a highly effective route to balancing regulatory compliance with innovative business practices, Compli delivers safe provision for today and secure access to the future.

*Fintech outlook 2024: Look at payment methods, global reach, efficiency – BTIG  –  Dec. 10, 2023 By: Liz Kiesche, SA News Editor

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