The MLRO’s Fine Balancing Act: Regulatory Pressures vs a Great Customer Experience.

Providing a great Customer Experience is a leading factor in keeping your customers loyal. Yet, as Money Laundering Reporting Officers (MLROs) face more and more compliance pressures, customer experience is bound to suffer.  

And here lies what is probably the most difficult part of the MLRO’s job; that of ensuring that what needs to be done is being done in line with regulation, but without putting too much of a strain on the customer’s journey.  

The customer experience starts with what is probably the most arduous part of the journey. Onboarding a new customer involves a lot of coming and going as regulated entities need to collect and verify information and documents in line with know-your-customer requirements. The information then needs to be kept up-to-date, and expiring documents replaced in good time.  

Regulations can change too, as well as other factors during the rest of the journey that may trigger a re-assessment of risk and require additional information or documentation. 

Fortunately, software solutions exist that provide MLROs with the required tools to manage KYC and AML processes seamlessly, without putting too much of the strain on the customer. 

To begin with, such solutions could provide a self-service portal which allows customers to provide the required information and documentation in their own time and from anywhere they prefer.  

These solutions also provide consistency, ensuring that staff know what they need to do, and can do it efficiently. 

InScope-AML was built to provide a great customer experience by simplifying and automating a lot of the AML Compliance Management tasks, leaving more time to focus on the customer.