Anti-Money Laundering Technology Key to AMLA Compliance

2020 was quite the year. The banking industry, which tends to be reluctant to adopt new techniques and technology was thrust into digitalization brought on by the pandemic. Credit Unions especially, who value face to face interactions with its members, were forced to shut down their lobbies and conduct business remotely. With everything new comes challenges, but in this case, it also comes with increased risk. When Jane Smith wants to open a new account and a remote transaction is the only option, it becomes a lot harder to verify Jane?s identity. And when Jane is a criminal, it also becomes a lot easier for her to defraud the bank. Since the beginning of the pandemic, there has been a dramatic increase in the number of fake businesses being created by organize...

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