What are the key developing trends for AML compliance in 2022?

A recent report from Alessa by Tier1 Financial Solutions has underlined the key trends to watch out for in AML compliance in 2022.

According to Alessa, the 2022 AML Compliance Trends report sheds light on the ever-changing business landscape that is forcing AML compliance teams to continuously adapt and manage increasing risks and costs.

To gather the research, Alessa polled hundreds of compliance professionals worldwide and interviewed a range of compliance leaders, mostly from banks and credit unions. Alessa claims the objective of the report was to get their perspectives on current AML challenges, planned investment for future compliance needs and the future direction of the industry.

What did the survey find? Key findings include 45% of AML professionals believing making a clear connection between a client and high-risk entities is a major challenge, while 50% of respondents believing companies need to focus more on AML crypto risk.

Up to 39% of AML professionals said they believe their AML compliance program is too manual, while 34% have trouble with testing, validating and documenting risk models. Meanwhile, 29% said they have a challenge adapting AML risk scoring models to fit recent developments.

Alessa COO Andrew Simpson said, “Our analysis of AML trends in 2022 provides compliance professionals with information to navigate their way through a rapidly evolving landscape, while mitigating risk. Automation and software proves key to enabling effective financial compliance, and at Alessa, our AML tools do just that to address modern compliance issues head-on.”

Find the report here.

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