New regs force financial institutions to go deeper to stop laundering, but the prize is easier overall enrollment, says NTT Data Services' Edmund Tribue.
A data-driven approach to money laundering prevention can help increase profits and improve regulatory compliance, writes Edmund Tribue, risk and regulatory practice leader at NTT Data Services.
A full changeout of AML and KYC rules would stress compliance. Working to improve current practices would be better for the financial services and payments industries.
According to Verizon's 2015 Data Breach Investigation Report, approximately 20% percent of data breaches come from an internal source. This requires a change in an issuer's culture compliance to combat the problem.