Like everything else around us, financial services too have leveraged digital platforms and the number of online transactions is rapidly increasing. While this change is welcome for the ease it offers, it has also increased the instances of the threat of digital crime.
Businesses in finance have certain checks and balances towards countering these threats and ensuring the security of transactions. Institutions have initiatives such as KYC (Know Your Customer) and AML (Anti-Money Laundering).
Financial institutions fight for ‘genuine customers’ with newer, competitors who are more tech friendly, resulting in a reduction in profit margins. The AML and KYC initiatives are being reinforced, with more stringent rules for non-compliance in place.
At Valenta, we have a proven track record in defining, implementing and operating AML and KYC initiatives for reputed financial institutions. Our clients include several names on the Fortune 500 list, and we help them enhance their operational efficiency while being compliant.
We have on board, Austrac authorised professionals, with 20+ years of experience. We also have experts on financial crime, tech specialists, and legal professionals working together to ensure your organisation is updated with industry standard systems, procedures, and compliance related checks.
Financial crime is fast emerging as one of the biggest challenges faced by financial institutions and policymakers. The crime is difficult to detect, trace and unravel, as it involves activities in unfriendly geographies and complex online systems. It also uses advanced technologies to cover the footprints of illegal transactions. At Valenta, we have a team of specialists with a good understanding of the modus operandi in such activities, the tools used, and how best such crimes can be prevented. We engage with domain specialists to offer customers the best of solutions, making sure their digital presence is profitable and safe for both themselves and their clients.