Banks, credit unions, payment companies and lenders face regulatory scrutiny and potentially heavy fines, sometimes measured in the billions of dollars for non-compliance. Banks globally were fined $14.21 billion in 2020. U.S. banks were fined $11.11 billion, the largest of which was $3.90 billion.
As companies broaden channels and increase transaction volumes, transaction monitoring is increasingly difficult. Failure to put a comprehensive compliance program in place also means risking depreciated share value, costly legal battles and reputational damage, as will failure to accurately monitor and report detected activity in a timely manner.
Four critical actions require specific controls for AML and sanctions laws while transacting and operating: