Safe Banking Systems: Data Governance - Influencing AML and Risk Management

Banks have long focused on Know You Customer (KYC) to comply with anti-money laundering (AML) regulations. But they face challenges ensuring KYC data is accurate and updated regularly. Collecting the data can be difficult because it is often stored in disparate systems across different departments and businesses within an institution.

That’s where data governance comes in. Defined by the MDM (Master Data Management) Institute as “the formal orchestration of people, processes, and technology

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