UK  

Managing the compliance burden

Software can identify updates in regulations and sanction lists, but it takes a skilled person to highlight and analyse the data.

New and innovative technology will continually be on offer. What is important is that firms decide to use it – it should be seen as the great tool that it is.

To realise its full potential, financial institutions would be wise to ensure that they also employ people with the correct manual skills, expertise and know-how. 

Instructing a trusted global service provider is another option if you want to keep costs down and the in-house team to a minimum. They can combine the implementation of the technology with manual analysis while also reviewing the captured local data, which set an organisation apart and give it the best possible tools to ensure full compliance, on budget, with regulatory KYC and AML obligations fully met. 

Andrew Frost is director, investment management solutions at Lawson Conner