In the wake of recent African cyber security attacks and hefty AML bank fines, the topic of compliance is on everyone’s tongue. That is why this article will focus on one of the most vital business security measures available today, namely AML.
AML is short for Anti Money Laundering. To fulfill AML compliance requirements, many businesses choose to use an AML SaaS software to assist with preventing money laundering. Money laundering is a growing concern all around the world – not only in Africa. So why should African countries accelerate their focus on the topic and how can they go about doing so?
Money Laundering is on the rise
If you are not very familiar with the subject, you might not be aware of exactly why companies choose to make more effort to tackle the problem. But the fact is that money laundering is on the rise and it is a huge threat to cyber security.
Today, many transactions take place online. The amount of cash in the world has been in decline for many years, and most of the world’s money consists of online payments. Digital money, so to speak. People and companies use many different websites that require digital payments. These websites include everything from banks to online retailers – practically all businesses that handle money in one way or another
Money laundering can, unfortunately, take place on any of these kinds of websites. This opens up many possibilities for criminal activity, which obviously must be stopped. This is where AML compliance comes in handy. Websites can use software systems created for preventing criminals from laundering money. By using AML compliance, businesses minimize the risks of money laundering, which strengthens the trust between people and online activities.
Africa has been taking measures to combat money laundering
So why should African countries accelerate their focus on AML compliance? There is a very simple answer to this question: They have been working for a long time to combat money laundering. Over the years, many measures have been taken, but as the world becomes increasingly dependent on the internet, so do money and financial activities.
This is why it is so important for African countries to focus on AML compliance. It is a new method that has not been used yet, at least at such a large level. If the whole of Africa advances the focus on AML compliance, it could have a great impact on the continent.
All companies and businesses must devote themselves to the fight
To be able to meet the goals, all kinds of businesses in all industries need to comply with the rules and devote themselves to fighting money laundering. It is only by doing so that Africa can take big steps towards getting rid of this criminal activity.
There are plenty of ways of doing this, whereas one way is for companies to implement AML software systems. One such software provider is Kyros AML Suite. This is just one of many possibilities. Regardless of what the solution ends up being, accelerating the focus on AML is crucial. That way, both businesses, and consumers can be safer.