Complying with AML and KYC Regulations in the U.S. and UK

image: abstract map of U.S. and UK. text: AML and KYC Regulations in the U.S. and U.K

Global anti-money laundering (AML) and Know Your Customer (KYC) regulations are becoming increasingly rigorous, especially in the U.S. and the UK. Financial institutions that are obliged to contend with both evolving regulatory and risk landscapes must ensure their anti-financial crime programs are in step with shifting AML and KYC requirements. Pressed even further due to lean economic conditions, AML teams need to find innovative and forward-thinking solutions that ensure compliance and minimize risk, while maximizing profitability.

For firms operating across different jurisdictions or aspiring to expand, having a cross-jurisdictional view is essential for an effective anti-financial crime compliance framework. Although the U.S. and the UK have similar KYC and AML requirements, there are differences in the regulations that businesses must understand before doing business in these markets.

To ensure you can keep up with changing rules in various geographies, it’s essential that you have a powerful AML/KYC technology solution. Manual, tick-box processes simply aren’t sufficient anymore. Regulators are now urging businesses to adopt sophisticated tools that enable them to take a risk-based approach and truly know their customers.

A good AML solution should:

  • Capture real-time threats and risks, flagging and showcasing relevant information without delay
  • Consolidate data and information, removing redundant platforms for increased efficiency
  • Have effective sanctions screening capabilities to contend with the pace of change of sanctions programs
  • Check against updated and comprehensive watchlists for politically exposed persons (PEPs)
  • Provide accurate and explainable customer risk ratings

For a more detailed look at the regulations in the U.S. and the UK and how to comply with them through technology, download our new ebook, Regulatory Guide to AML Compliance: Global Trends and Technology for Fintechs and FSIs. Or just contact Jumio to start a conversation with one of our specialists about your compliance needs.


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    Regulatory Guide to AML Compliance
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