Despite regulatory fines for breaches of anti-money laundering laws, most SMEs are failing to adopt RegTech (regulatory technology).
RegTech can assist a business identify compliance exposures of regulatory weaknesses. In doing so senior managers are informed of hot-spots and in doing so, are being kept informed on AML governance and compliance issues.
SMEs need to get smarter by transitioning from manual processes into specialised technology. By adopting RegTech, automation will take over AML compliance administrative processes.
By lessening the burden and strain on limited human resourcing, the AML compliance officer will be able to more easily and with greater efficiency, manage oversight and ongoing monitoring obligations.
Technology ensures human errors are significantly reduced or eliminated. With a preconfigured solution, should an AMLCO resign to follow career opportunities, the digital compliance system continues with the same efficiency whilst the newcomer gets familiar with their new role.