Enough Is Not Enough: Raising the Compliance Bar in LATAM & the Caribbean
Raise the Compliance Bar in Latin America and the Caribbean
Doing the bare minimum to meet regulatory compliance results in high vulnerability to money laundering (AML), Counter-Terrorism Financing (CTF), human trafficking, and bribery and corruption. That, in turn, undermines trust in the integrity of the financial system, thereby hamstringing the ability to raise capital and weakening long-term growth.
Addressing the key challenges requires a change in mindset. The high cost of implementing compliance technology is a hurdle but only because this is often perceived as a ‘cost center’ rather than a business enabler.
This change of mindset is now essential in light of the Financial Action Task Force (FATF) issuance of three overarching AML/CTF objectives. Those objectives are:
- Policy, coordination and cooperation;
- Preventing criminal proceeds and terrorism financing from entering the financial sector;
- Detecting and disrupting money laundering and terrorism financing threats.
The compliance trifecta in raising the bar is technology coupled with data and people. Going beyond the minimal regulatory requirements can make an impact on both the communities you serve and on your internal staff. Applying best practices and ensuring that the data, technology and your teams are working together in synergy is key to your organization’s success.
LexisNexis® Risk Solutions offers a host of solutions to help you mitigate AML/CTF risk with regulatory compliance solutions.