In the anti-money laundering compliance industry, the old saying "the more things change, the more they stay the same" rings particularly true. 

Last month, the 2016 Global Anti-Money Laundering Survey was released by ACAMs and Dow Jones. As ever, remaining at the top of the list of concerns for AML professionals: increased regulatory changes, shortage of trained staff and outdated technology. 

Those have been the top reported challenges of the industry in the past three survey periods. Which begs the question: have the respondent organisations done ANYTHING to address them in the meantime? 

In 2013, 32% of the respondents named outdated technology as a top concern. Three years later, that number has risen to 41%. Did the respondent organisations acquire new technology during that time? One is tempted to suspect not. Or perhaps they did, but the technology they acquired simply hasn't been able to keep up with the #1 challenge  increased regulatory changes and expectations.

At the end of this month, SILO Compliance System will, as ever, be releasing another new version to address recent regulatory changes (beneficial ownership included). Since inception, SILO has updated annually to keep up with regulatory changes, adding new fields and new reports to satisfy regulator requirements. With up-to-date technology like SILO, compliance heads can better focus on meeting regulatory changes and training of staff. 

If you're still struggling with an outdated compliance system, or lack of technology, request a demo of SILO Compliance System today to learn how it can help you.

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