A financial crime and compliance management (FCCM) solution have many components and steps, but as a whole, it is designed to prevent, detect, investigate, and report financial criminal activities in an organization.
On top of deterring and addressing financial crimes, FCCM solutions are meant to ensure that financial establishments are compliant with the rules set by the various regulatory bodies that govern their existence and operations.
Taking precautions against criminal activities, improving their anti-money laundering (AML) efforts, and complying with regulatory guidelines give financial institutions the best chance of avoiding sanctions, hefty fines, and scandals that can tarnish their reputation within the industry.
This is why many organizations make every effort to ensure that their compliance AML
One of the first steps in preventing financial crime is customer screening. Banks and other financial institutions take on risks with every customer that they accept, and as such, it’s imperative that they screen each and