When a company runs afoul of regulations, there’s always the chance that they’ll be caught and fined. But what if they’re caught multiple times for different facets of the same offense…because they had never heard of YOUR company’s anti-money laundering (AML) solution?
deepidv on “coordinated enforcement”
Take the story of UBS Financial Services and FOUR different government and private entities.
“UBS Financial Services Inc faced simultaneous enforcement action from four separate US regulators. FinCEN [Financial Crimes Enforcement Network, part of Treasury] fined the firm $125 million for AML and suspicious transaction reporting failures. The SEC [Securities and Exchange Commission, independent agency] fined UBS $20 million for related AML failures. The CFTC [Commodity Futures Trading Commission, independent agency] fined the firm $8 million for AML monitoring deficiencies. FINRA [Financial Industry Regulatory Authority, private corporation overseen by the SEC] issued its own fine for overlapping AML shortcomings.”
Ouch.
If you don’t check money laundering, you’ll be out of money yourself.
And those are only the fines in the United States. Other countries may pile up and add more fines.
Could your company have solved UBS’ problem?
Now, there’s the chance that a vendor could have helped UBS Financial Services stay in AML compliance.
And perhaps YOU are that vendor.
If your software costs less than $125 million, it’s a win.
So how do prospects learn about your AML solution?
You tell them…with Bredemarket’s help.
Bredemarket 