This article on Banking Times discusses that cuts in IT budgets should not compromise a company’s AML compliance. Though recent financial hardships due to the economic crisis has caused many companies to reduce their IT spend, having an adequate AML system in place will outweigh any costs involved. Heavy fines and penalties may arise for those companies who are not taking the necessary steps to establish and maintain up to date AML systems. Is your company thinking about reducing its budget on AML compliance?
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