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Increased pressure from AML regulations
Increasing anti-money laundering compliance requirements from authorities are putting pressure on Swedish companies to know more about their customers than ever before. Risk assessments, data collection and accuracy, keeping data up to date, reporting suspicious activities to authorities. The list of regulatory requirements goes on and on.
Certain industries have come under scrutiny recently, receiving hefty fines as a result of deficient processes, the lack of accurate customer data or even enabling money laundering activities. Car dealerships, vendors of rare purchase goods - such as watches or jewelry - and real estate are just some of the industries that have thoroughly felt the hammer of the law recently.
Accounting is another profession being investigated, an industry which is under the supervision of the county administrative board in Sweden. Companies are now facing time-consuming, resource demanding and specialist-necessary compliance work to avoid legal trouble.
Industry innovators - P:E Accounting - saw an opportunity in the increased requirements to improve their AML and KYC process performance through real-time data and automation.
“The requirements for compliance are quite tough, especially when you have certain permissions from the Swedish Financial Supervisory Authority. We must be able to ensure full KYC compliance, as well as flagging if we suspect money laundering or other irregularities. This puts pressure on us to not only find solutions, but to find solutions that are long term and sustainable for our business.” Says Amalia Lundin, product owner at P:E Accounting.
By integrating customer data API’s into their platform, P:E conducts audits of customer information such as board members, signatories, beneficial owners and their respective PEP, RCA and sanctions list status.
"Amalia Lundin, Product Owner at P:E Accounting"
Using API’s to collect and verify data has meant that compliance work is now smooth and “effortless”, resulting in reduced administration and time-consuming manual work, while ensuring the quality of the process at the same time.
P:E means that this has enabled them to distribute responsibility among more people in the organization, without it becoming a burden or heavy workload.
“With Roarings API services we can collect all the information we require behind the scenes, before performing a qualified risk analysis and assessment in our own interface. This enables our managers to conduct controls and analyze risk based on correct, real-time and up-to-date customer data. The solution is scalable as we grow and reduces our manual effort which is great.”