Until recently, the success of a compliance program has typically been measured by the number of alerts, referrals and investigations checked off and completed. But this doesn’t answer the question that all top management is bound to have.
When Google launched Tez in the Indian market, less than a year ago, I spoke about them doing so as an experiment and warned European banks to watch carefully. This week, Google announced they were re-branding the wildly successful mobile payments app.
Anti-money laundering compliance departments will dramatically change as new technology is incorporated. Investigations, know your customer and the utilisation of machine learning will see some of the most impactful changes.
Mobile payment rates in Scandinavia have proved that the benefits with mobile payments are high in card-dominated economies, but there is no doubt that those benefits are even higher in cash dominated economies.