Following much criticism from federal examiners in 2010–2011, financial institutions have had to develop more effective Bank Secrecy Act and anti-money laundering (AML) compliance programs to address heightened regulation and enforcement. Meeting this challenge involves implementing business process improvements, recruiting additional staff and adopting enterprise-wide...

With changing regulation, increasing market competition and consolidation—especially within the context of the current financial crises, banks and other financial institutions need to better manage risk, reduce cost and increase revenues. Know Your Customer (KYC) is a niche business process and is often costly and...