A recent Citywire article highlights how investment platforms are strengthening anti-money laundering (AML) controls as regulatory scrutiny increases. More firms are moving away from relying solely on advisers for customer due diligence and are introducing their own identity verification and AML screening processes.
The article points to SS&C Hubwise’s move to a non-reliance model, reflecting a wider focus on greater visibility, oversight and accountability for financial crime controls. Compliance experts note that while reliance models can remain effective, they require robust monitoring and governance arrangements.
For firms across financial services, the trend reinforces the need for strong AML frameworks, clear ownership of financial crime risks and effective oversight of customer due diligence processes.
‘The strongest operating models are likely to be those where advisers, platforms and technology providers each contribute intelligence and oversight, rather than treating financial crime prevention as somebody else’s responsibility,’ commented Joe Norburn, CEO at TCC Group.
