First-class AML compliance for 98% cheaper than international tools – this is the ultimate guide to super fast and affordable AML in MicroFinance
In the digital age, microfinance companies are required to comply with stringent regulations, such as AML (Anti-Money Laundering) directives. This is particularly relevant here in Southern Africa, where the financial sector is experiencing swift changes – see all about Namibia’s greylisting.
But how can you maintain low service rates if you need to foot additional compliance costs? The answer lies in finding an innovative solution that slashes these expenses by more than 90%.
This article serves as your comprehensive guide to attaining fast, budget-friendly AML for microfinance.
The Need for AML in MicroFinance
The menace of money laundering is a significant global issue, with criminals exploiting the financial system to support terrorism and organized crime. To combat this, governments worldwide are enforcing AML regulations – highlighting the crucial need for AML compliance.
See why we need microfinance AML and all about micro-credit AML.
As an operator in MicroFinance, you might think given our small scale and tight margins in a highly competitive market, why should we bear the cost of expensive compliance tools?
It's a valid concern, considering the potentially prohibitive costs of achieving compliance.
However, AML compliance is not only a legal obligation but also vital within the financial services realm.
Since lending constitutes a financial service, regulatory bodies expect every microlender to comply with AML standards or risk facing hefty fines – as evidenced by recent penalties in Namibia and another fine in South Africa.
See how to get Microfinance AML complaint, fast.
(Also see why you need great AML in property sales.)
But microfinance faces unique challenges…
Affording AML in MicroFinance
For microlenders, the main hurdle is the substantial expense linked to sanction screening tools, indispensable for AML compliance. (See the business benefits of sanction screening.)
Microlenders, operating on tighter budgets, face the dilemma of balancing regulatory compliance with cost efficiency. See our post on balancing cost versus AML compliance.
However, this is precisely where ZenDetect makes a difference.
ZenDetect: Streamlining AML in MicroFinance
ZenDetect recognizes the distinct obstacles microlenders encounter in adhering to AML norms. As a solution crafted in Africa, ZenDetect aims to provide competitively priced AML solutions.
Choosing ZenDetect enables microlenders to enjoy up to a 98% reduction in sanction list screening costs.
Achieving AML Compliance with ZenDetect: A Step-by-Step Guide
STEP 1: Schedule a demo to see ZenDetect in action. We'll cover operational aspects, technical details, and how it integrates with your administrative systems.
STEP 2: Our experts will guide your developer through the ZenDetect integration process or assist in finding a suitable developer.
STEP 3: Upon integration, you can upload your client database for immediate screening. The system conducts ongoing, automated checks, alerting you to any updates in sanction lists or potential issues.
Benefits of using ZenDetect Sanction Screening
- Integration Ease: ZenDetect seamlessly integrates with your existing infrastructure, simplifying the incorporation of AML screening into your routine operations.
- Sanction Screening: ZenDetect's advanced tools enable thorough screening against international sanction lists, ensuring your business steers clear of illicit dealings.
- Ongoing Monitoring: With ZenDetect, you benefit from continuous monitoring to stay informed about any sanction list updates or emerging risks, guaranteeing sustained compliance.
Explore how ZenDetect offers a unique, cost-effective approach to sanction screening, essential for small business AML compliance. Learn about the advantages of compliance and the ins and outs of AML in our detailed guide to getting sanction screening in Africa.
See how to get Microfinance AML complaint, fast.
