Regtechs are evolving to the need of AML Compliance in India

AML Compliance takes majority of the time of the Compliance Teams in the Banks. The best way to mitigate risk is to detect and manage problematic accounts before they become a risk. Performing a comprehensive identity verification check reduces risk from fraud, risk of breaking compliance rules, and risk from dealing with dirty money. Once a bad customer passes the initial checks, they are past the gate and can start testing your fraud prevention systems.

Fraudsters are becoming more and more sophisticated. Money launderers and terrorists are identifying weak links in your AML/KYC (Anti-Money Laundering/Know Your Customer) processes to help them hide the true source of funds, and their connection to it. By blocking access to those that want to bypass your safeguards in the first place, your prevention systems will be more robust and secure.

This includes an exhaustive AML screening program needs to gather data from diverse government sources, international regulators and law enforcement agencies. These watchlist checks scan for known or suspected entities and individuals who are associated with money laundering, terrorism, financial fraud, arms proliferation, drug trafficking or PEPs (Politically Exposed Persons).