As regulatory pressures continue to mount and new entrants render the marketplace more competitive, financial institutions need to be agile. To maintain a competitive advantage, AML and financial crimes officers need to pursue strategic compliance investments.
This paper discusses the five key areas that compliance officers should consider as they assess and prioritize investments to pave the foundation for their future financial crimes programs:
- Culture of compliance
- Integration
- Data and technology infrastructure
- Regulatory change management
- Staffing model and digital labor
