28 november 2016
Via several posts ComplianceWise will guide you through the AML/Transaction Monitoring landscape. We will give a complete view of Transaction Monitoring. This complete view contains insights from background to future, from measures to solutions and from rules to behaviour.
Future regulation is a moving target; nobody can say for certain what will happen in the years to come. But you can be sure there will be more rules, they’ll be stricter and come with increased instances of fines for the company and the individual. And there is also a shift in the attitudes of banks and other financial institutions who not only want to avoid enforcement measures but also to start restoring the public trust by reviewing their corporate ethics and culture.
Perhaps the only way to ensure that being compliant is sustainable, and that there is no room for doubt, is to move towards what has been termed ‘radical transparency’. Certainly there are murmurings about the move of everything, from financial accounts to performance reviews and employee contracts being laid bare for all to see.
Undoubtedly accounting methods will need to change, and there are already measures being taken, such country by country reporting (CBCR). CBCR requires multi national companies to report on their profits, revenue, taxes paid, and number of employees separately for each country in which they operate. The aim is to avoid companies using loopholes that allow the use of beneficial tax regimes in countries which aren’t necessarily the place of economic activity.
And in this move to radical transparency, effective transaction monitoring will pay dividends as the details behind money transfers can be easily accessed and shared. In the future it may even be the starting point for the generation and communication of financial accounts, creating a new basis for bookkeeping.
From a regulatory point of view, it’s simply not an option anymore for organisations to sit back and do nothing. But quite apart from that, there’s also a huge advantage in effectively monitoring your business. For now, to get the complete picture of what’s happening across your global footprint, and in the future to ensure an easy move to greater transparency.
ComplianceWise thinks compliancy should be easy. We’ve teamed up with bank messaging provider SWIFT to create TM360°, a transaction monitoring system which takes the pain out of AML compliance, and turns data into valuable insights.
Do you have any questions, or would you like to know more? Call Jeroen Cremer:
+31 6 20 11 79 08
Our goal is to make compliancy as easy as possible.
With ComplianceWise you become easily compliant, effective in control, and excellent in strategic management. We help you to control risk, save money, and improve performance by using our IT application; ComplianceWise360˚.
KYC | CDD | AIFMD | FATCA | AML / Transaction Monitoring | Payments