With payments increasingly becoming available at the click of a button, money launderers are turning to online payments in order to wash their illicit funds. As a result, it has never been so important for PSPs to identify their AML vulnerabilities and mitigate the growing risk.

The global payment processing market expected to nearly double to $2.9 trillion by 2030, But while this may be good news for the sector, as the volume, speed, and sophistication of digital payments grow, so will the anti-money laundering (AML) vulnerabilities of payment service providers (PSPs).

PSPs are already under attack from a wide range of criminal activities, so it is incumbent upon every business to identify and mitigate these threats, before the problem becomes insurmountable.

Through robust and rigorous risk management processes, PSPs can more easily identify and counter the threat from opportunistic financial criminals. 

The first, and arguably most important step, is to identify the weaknesses in your existing compliance framework, so as to be better prepared to deal with this ever-growing risk.

To help you, we have put compiled an in-depth report on the AML vulnerabilities specifically faced by Payment Service Providers.

Download this valuable compliance analysis today.

In this spotlight report we cover:

  • How PSPs are exploited by money launderers
  • The money laundering red flags for payments companies
  • Global AML rules for PSPs
  • How automation can help manage risk

For your free copy of this valuable analysis click here.

RiskScreen can help you to identify and overcome your AML challenges

The mounting pressures mean that it is now absolutely crucial that PSPs take a far more proactive, risk-based approach to combatting money laundering. 

Yet many PSPs are still under-resourced and still relying on outdated manual money-laundering processes that are no longer fit for purpose.

This is even though technologies now exist that offer flexible, scalable, and auditable solutions that deliver a truly effective and efficient AML process in the face of an ever-changing regulatory environment.

PSPs must embrace technology to counter the threat of money laundering or face the consequences.

The RiskScreen platform is a world-leading solution that has been specifically developed in order to provide a complete end-to-end solution. It supports a range of modules covering key areas such as onboarding, screening, and adverse media. With flexibility in mind, you can choose individual modules to cover specific areas as your business requires or install the complete package for a fully integrated solution.

With the RiskScreen solution you can rest assured that your anti-money laundering (AML) and know your customer (KYC) processes will be completely transformed, together with full scalability to future-proof your compliance functions.

To discover just how RiskScreen can help you to overcome your compliance challenges, request a discovery call today.

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