Since the financial crisis of 2008, we have witnessed a sea-change in approach to regulatory compliance. It became clear that much better frameworks were needed to ensure that companies performed their AML/KYC due diligence checks.
Against a background of high-profile fraud cases and the spotlight on money-laundering, the banks and financial services companies have responded by beefing up their compliance teams to combat the ever-shifting regulatory landscape. But at what cost?
To remain competitive, companies must have a stringent process in place. Good governance helps businesses become more efficient, but if a business chooses to neglect this, it can lead to fines, loss of revenue and more importantly a damaged reputation.
So how do businesses go about controlling the costs of compliance?
Here at Contego we often come across clients who have complex compliance requirements.
They may need to do due diligence checks on multiple entities such as companies, people and identity documents.
Some clients also need to implement ongoing monitoring solutions to check status of their customers on a regular basis. They may need to know about changes in company structure, new director appointments and beneficial owners, and whether directors have appeared on sanction lists.
Data often needs to be inputted manually in to various databases, which can be very time consuming and can often result in human error. Overall compliance is a difficult and resource-intensive task.
Crucially, our clients want to maximise operational efficiency and therefore reduce cost. Contego simplifies and improves the compliance processes by performing automated real-time checks on people, companies and ID documents.
As compliance becomes more complex, customers are increasingly needing suppliers like Contego to deliver a tailored solution to meet their evolving needs. For more information about how Contego can control the cost of your compliance, or for assistance with AML, KYC or Identity Document verification, get in touch with Contego today.
Call +44 (0) 207 717 5213 or email us via the Contact page to speak to a member of the Contego team.