The threat of organizations not detecting AML activity is ever-present, and the negative impact to their customers, brand image and integrity of business processes are high. As if these issues were not enough, there is also the persistent requirement to remain compliant with government legislation such as the Bank Secrecy Act (BSA).

These sets of regulatory directives are destined to increase in complexity, particularly for global institutions. Some of these regulatory requirements are even seen as being “diametrically opposed”, such as the Right to be Forgotten via GDPR and CCPA conflicting with the requirements around Know Your Customer (KYC) reporting and crime prevention.

  • Given these factors, what is the best way to stay compliant without risking too much data being accessible?
  • How can financial institutions ensure they’re following regulations while maintaining their customers’ privacy and their brand’s integrity?