{"componentChunkName":"component---src-templates-blog-post-js","path":"/blog/jumio-warns-about-escalating-cost-of-aml-non-compliance-in-financial-industry/","result":{"data":{"site":{"siteMetadata":{"title":"No Frills News"}},"contentfulNfnPost":{"postTitle":"Jumio Warns About Escalating Cost of AML Non-Compliance in Financial Industry","slug":"jumio-warns-about-escalating-cost-of-aml-non-compliance-in-financial-industry","createdLocal":"2021-06-03 14:31:15.911356","publishDate":"2021-06-02 19:17:26+00:00","feedName":"Image Recognition","sourceUrl":{"sourceUrl":"https://findbiometrics.com/jumio-warns-about-escalating-cost-aml-non-compliance-financial-industry-060203/"},"postSummary":{"childMarkdownRemark":{"html":"<p>Jumio is once again emphasizing the importance of a good Anti-Money Laundering (AML) compliance program for banks and other organizations in the financial industry.\nThe company noted that many organizations have historically cut corners with their AML programs, either because they disagreed with AML regulations at an ideological level, or because they did not think expensive AML programs were worth the significant cost.\nAdministrators issued $4.27 billion worth of penalties for AML violations in 2018, and that number jumped to $8.14 billion and then $10 billion in the next two years.\nFor its part, Jumio pointed out that its portfolio of identity solutions can help financial institutions meet all of those regulatory obligations.\nThe company strengthened its position in the AML market with its acquisition of Beam Solutions in September of 2020.</p>"}}}},"pageContext":{"slug":"jumio-warns-about-escalating-cost-of-aml-non-compliance-in-financial-industry"}}}