Anti-Money Laundering

Now that Fintech firms all over the world have been brought under the rigorous standards of AML, they have to up their game. Earlier, FinTech firms were not facing too much scrutiny, but with more and more consumer using Mobile Money, FinTech firms are under the lens. They have to have an adequate AML system in place. They have to do due diligence and be robust in AML monitoring.

Some of the things that Fintech firms will have to do are:

  • – Document AML risk assessment in its workflow process.

    – Have a Robust KYC process.

    – Appoint an AML officer.

    – Sensitize team about AML and its pitfalls.

    – KYC/customer due diligence.

    – AML/CTF transaction monitoring.

    – SARs – Suspicious Activity Reports.


Anti Money Laundering

Fintechs need to really put resources to combat the crimes. Very briefly, they should be always concentrating on following three things:

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