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Managing the Multiple Layers of Compliance – Efficiently

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Across the world, the burden of regulatory compliance is not just growing – it’s accelerating rapidly. Financial institutions face a labyrinth of regulations that demand meticulous attention to detail and an in-depth understanding of international financial laws. Compliance tasks range from adhering to efficient and effective KYC routines and intelligent transaction monitoring, to navigating the intricacies of working in multiple jurisdictions.

Global Compliance: Imposing Order on Chaos?

In the U.S., the recent selective expansion of secondary sanctions on banks by the government underlines the complexity of compliance. Banks must now ensure they are not indirectly supporting sanctioned entities, a task that requires deep vigilance and comprehensive monitoring systems. In the UK and Europe, GDPR and other privacy regulations add another layer, demanding rigorous data protection and privacy protocols. Globally, the Financial Action Task Force (FATF) sets AML standards that require continuous monitoring and reporting, placing further strain on compliance teams.

The well-understood reality is that keeping on top of ever-changing requirements is impossible without automation. Teams of compliance professionals, no matter how skilled, cannot ensure total compliance through manual processes alone. The ideal solution is to maximize automation. This allows human teams to focus on using the data to make accurate and informed decisions.

The Automation Imperative

Finding a comprehensive, flexible, and user-friendly compliance solution is challenging. Many systems available today lack in one area or another; they might cover certain aspects of compliance well but fall short in flexibility or user experience. Although the challenges are well known, developing systems and services which are truly fit for purpose remains difficult – but not impossible.

Amongst other things, such a service needs to deliver not just accurate and current information. It also needs to identify suspicious transactions – all in the context of the latest regulations and PEP and Sanctions lists. Institutions also need to factor-in authorities that seek to extend their remit. Take one looming example: the possibility that digital wallets operated by the big tech providers should also fall under the aegis of compliance, as argued by the US Consumer Financial Protection Bureau.  How this plays out will have a significant impact on the sector – and the mechanics of compliance.

Redefining Compliance… with Compli

This is where Compli sets a new standard. Compli, from Essiell Compli,  meets all the needs of a modern financial institution seeking totally effective compliance. Compli is truly comprehensive; it covers the widest range of compliance requirements, is supremely flexible according to client needs, and is scalable to grow with the business.

A Custom Rules Engine enables tailored design and the implementation of powerful rule sets to identify potential unlawful activity to exactly fit the needs of the user. Transaction Monitoring provides automated surveillance of customer activities compared against a range of behavioural patterns, including expected and historic actions. Meanwhile, an intuitive Dashboard provides a comprehensive and multi-layered tool for meticulous compliance and strategic performance monitoring. Experienced users can further configure their own tailored reports for in-depth data analysis.

Creating a Strategic Advantage

In sum, once-daunting tasks are completely manageable, creating a strategic advantage where previously there was nagging doubt. In a challenging environment, Compli offers a beacon of hope. It provides financial institutions with the tools they’ve been looking for. Tools to stay compliant, efficient, and ahead of the curve.

By Declan Morton, staff writer at Essiell Ltd.


Sources and references include: U.S. Authorizes Secondary Sanctions on Banks Supporting Russia’s Military-Industrial Base (Morrison & Foerster LLP, January 3, 2024), Navigating the risks of ACH payment fraud: Strategies for business safety (Fintech Global, January 9, 2024), AML in Banking: Why and How It’s Essential? (Finextra, January 9, 2024), Big Tech firms begin fight back over regulatory oversight of digital wallets (Finextra, January 9, 2024).

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