Global Banks

AML CFT Challenges – Regulatory Complexity and Change management

Diligent, a platform developed by practitioners and domain experts, addresses these challenges in the core design of its products through policy configurability without code changes, enabling flexible operating models and intelligent modules to manage complexity.

CHARACTERISTICS

  • Presence in multiple countries creates increased exposure to Sanctions , AML , CFT risks and regulatory complexity
  • Higher volumes and wide coverage across segments and products creates operational management complexity
  • Obligation to home and foreign regulators means increased regulatory scrutiny and significant dependence on compliance experts

Diligent

helps you stay ahead

INHERENT CHALLENGES

  • Adherence to policy and regulations with varied booking models for different products.
  • Systems constantly catching up with regulations and policies despite significant technology spend.
  • Complex process workarounds , duplication of work across countries, ongoing lookbacks and remediation.
  • Limited transparency on aggregate exposure, constant training of staff and high costs of compliance

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Regional Banks

AML CFT Challenges– Policy Execution Consistency and Evidencing Compliance

Diligent enables system driven policy execution with audit trail and version control of KYC profiles. The ability to manage changes in regulations through configuration studio and system driven policy execution enables consistency and saves valuable frontline time.

CHARACTERISTICS

  • Primary obligation to home regulators
  • Few dedicated compliance specialists; frontline and branches responsible for policy execution
  • Higher volumes due to large local customer base creates operational management complexity
  • Limited automation of AML processes adds to operational complexity

Diligent

automates policy execution with audit trail

INHERENT CHALLENGES

  • Significant frontline time on KYC/AML activities
  • Adherence and evidencing compliance to regulations across customer base
  • Constant training of staff, ongoing remediation due to dependence on manual spreadsheets and procedures
  • Significant management time spent on compliance issues; limited transparency on aggregate exposure.

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Private Banks

AML CFT Challenges – Proportionate Due Diligence and Closer Monitoring

Diligent provides capability for specialized due diligence modules for higher risk situations. It further automates beneficial owner identification & provides clear audit trails & version controlled profiles enabling banks to have up-to-date client profiles for effective AML & CFT risk mitigation.

CHARACTERISTICS

  • Complex customer profiles across multiple countries creates increased exposure to Sanctions, AML , CFT risks
  • Requirement for extensive due diligence for complex ownership structures and source of wealth
  • Constant need for monitoring and up to date customer profiles

Diligent

simplifies regulatory compliance

INHERENT CHALLENGES

  • Significant frontline time on KYC/AML activities
  • Operational complexity and over dependence on compliance experts for deep dive on complex customer profiles
  • Significant management time spent on compliance issues and limited transparency on aggregate exposure

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Asset Manager

AML CFT Challenges– Onboarding Efficiency and Regulatory Compliance

Diligent provides pre-configured regulations which enable quick and cost effective automation of due diligence processes. It provides version controlled profiles, data driven analytics on AML CFT risks in the portfolio. It makes employee and customer journey simple through end to end digital processes for onboarding, periodic and trigger reviews.

CHARACTERISTICS

  • Dependence on third parties for administration of KYC process
  • Increasing regulatory expectations on quality and sustainability of customer due diligence processes
  • Limited automation and dependence on manual processes

Diligent

automates due diligence at lower costs

INHERENT CHALLENGES

  • Keeping pace with increasing regulatory scrutiny while keep the compliance costs down
  • Limited appetite for investments in expensive automation and due diligence systems
  • Adherence and evidencing compliance across customer base and limited transparency on aggregate exposure

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Payment Service Providers

AML CFT Challenges – Regulatory Scrutiny and Onboarding Cycle Time

Diligent provides a fully digital onboarding journey for the customers with pre-configured regulations ensuring fully compliant processes.

CHARACTERISTICS

  • Large volumes of retail customers, increasing focus and offerings for corporate customers
  • Increasing regulatory expectations on quality and sustainability of customer due diligence processes due to cross border services
  • Business success depends on lower costs through technology driven efficiencies and customer experience

Diligent

digital self service onboarding for customers

INHERENT CHALLENGES

  • Keeping pace with increasing regulatory scrutiny, increasing regulatory complexity for products aimed at corporate customers
  • Keeping customer acquisition costs lower while ensuring regulatory compliance
  • Limited appetite for investments in expensive compliance resources and for expensive due diligence systems

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