In many businesses, compliance is often viewed as an obstacle that impedes progress, with the approval process seen as slow and frustrating. However, this perception can be changed by fostering a collaborative relationship with your compliance team.
In reality, compliance is not just about saying “no” to risks; it's about finding practical, efficient solutions that protect the firm while ensuring smooth operations. By working together and aligning your approach with the expectations of the compliance team, you can expedite approvals, avoid costly mistakes, and ultimately strengthen the firm’s overall performance.
We asked global AML expert, Eloise Butterworth for her opinion on simple, actionable steps to improve communication with the compliance team, debunking common myths and highlighting the numerous benefits of effective collaboration. It’s about moving away from the notion that compliance slows things down and instead recognising it as a key partner in achieving business goals.
From clearer, more structured requests to understanding the broader risk policies that shape decisions, these insights will help streamline processes and ensure faster, smarter approvals. The result? A more efficient workflow, stronger client relationships, and reduced financial and legal risks - all while maintaining robust compliance standards.
About First AML
First AML comes from the perspective of both a technology provider, but also as compliance professionals. Prior to releasing, First AML’s all-in-one AML workflow platform, we processed over 2,000,000 AML cases ourselves. Understanding the acute problem that faces firms these days as they try to scale their own AML, is in our DNA.
That's why First AML now powers thousands of compliance experts around the globe to reduce the time and cost burden of complex and international entity KYC. Source stands out as a leading solution for organisations with complex or international onboarding needs. It provides streamlined collaboration and ensures uniformity in all AML practices.
Keen to find out more? Book a demo today!