While legacy providers have been around the longest, many of them have antiquated solutions that are no longer the best in the market. For that reason, people are beginning to explore new options when it comes to managing compliance risk. The industry has had to adapt and evolve particularly over the last year. With regulations changing frequently, and a record increase for money laundering and regulatory fines, which are expected to continue rising, there has never been a better time to consider switching to a cutting-edge and more nimble data provider.
A Holistic Approach to Managing AML Compliance
With the industry changing so quickly, there are risks that come with the old ways of managing compliance that might lead organizations to fall behind the competition or expose them to immense regulatory and reputational damage. Managing compliance today requires a holistic approach that provides a single, enterprise-wide solution, rather than working in a vacuum or siloed departments. Organizations must have a complete picture of their risk factors and consider all possible changes that might occur, including possible domestic and international regulatory changes and more. Instead of being reactive, it’s essential to have a partner that can provide continuous monitoring so that you are aware of risks as they present themselves and can proactively take the steps needed to mitigate any negative outcomes.
A Smarter Compliance Solution
Vital4’s robust risk and compliance technology solutions provide only the most relevant data needed to reduce the risk of false positives for organizations by streamlining compliance and risk management processes. Our solutions include robust data sets needed for AML/KYC compliance, including watch list and sanctions, adverse media, politically exposed person screening, and more. While legacy providers rely on “fuzzy” name-matching that often misses crucial data points, Vital4’s state-of-the-art, AI-driven system examines 13 critical criteria to deliver the most sophisticated name-matching available. By partnering with Vital4, organizations can make informed compliance decisions in real-time. Whether you’re screening for red flags related to AML/KYC, criminal records, or other compliance risks, our AI-powered platform offers the in-depth coverage and reliable reporting cadence you need – at a price you can afford.
Are you interested in learning more about Vital4’s Risk and Compliance solutions? Contact us today to request more information. We’d love to hear from you!