The Compliance Question: How can you innovate your AML program?

Presented by

Jumio and EY

About this talk

AML continues to be an ever-increasing priority for regulators. Over $10 billion in fines for AML, KYC, sanctions and related violations were issued in 2020, which was the highest annual amount to date. Established financial institutions, which have been investing in their AML programs for decades, still struggle with compliance. Newer financial institutions, including fintechs and Virtual Asset Service Providers (VASPs), are forced to play catch-up as they are subject to the same laws as the largest global banks. These institutions are challenged with evolving global regulatory expectations, a global customer base easily deterred by burdensome AML requirements, and a competitive market that is rapidly expanding with new entries. Firms are striving to have a fully compliant model, while maintaining a competitive edge amid increased consumer and institutional interest. This session sheds light on how to accomplish this.

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Jumio helps organizations to know and trust their customers online. From account opening to ongoing monitoring, the Jumio KYX Platform provides advanced risk signals, identity proofing and compliance solutions that help you accurately establish, maintain and reassert trust. Leveraging advanced technology including automation, biometrics, AI/machine learning, liveness detection and no-code orchestration with hundreds of data sources, Jumio helps organizations fight fraud and financial crime, onboard good customers faster and meet regulatory compliance including KYC and AML. Jumio has processed more than 1 billion transactions spanning over 200 countries and territories from real-time web and mobile transactions. Based in Palo Alto, Jumio operates globally with offices in North America, Latin America, Europe, Asia Pacific and the Middle East and has been the recipient of numerous awards for innovation. Jumio is backed by Centana Growth Partners, Great Hill Partners and Millennium Technology Value Partners. For more information, please visit