Increasing regulation and inefficient technology has increased financial institutions costs and compliance risk. GDPR, AMLD, CASS rules have all changed financial institutions processes and exacerbated the issue of software integration and data management. Most institutions are unable to be compliant, particularly in the areas of transfer or deletion. Staff spend unnecessary time on administrative matters which ought to be seamlessly integrated. Institutions have multiple products with largely similar technical capabilities creating inefficient and costly technological structures. Compliance is estimated at 15-20% of the institutions fixed cost base and this figure could be significantly reduced (estimates indicate by 75%). The market is increasingly competitive and institutions cannot afford to carry unnecessary costs. Transfer agency is particularly vulnerable, as are retial banks, asset managers and insurers.
IAMAML provides institutions the ability to onboard customers and transfer (and later delete) their data in compliance with GDPR and AML regulations both internally and cross institutionally. IAMAML also automates many of the processes run by compliance departments and transfer agency. IAMAML contains many features which allow for more thorough AML checking of customers and automates updates improving compliance and reducing staff time spent and costs.
IAMAML can assist with:
improved customer service
improved compliance and
improved employee satisfaction.
For further details see www.iamaml.com