Strategize Spend Management to Strengthen AML Compliance

A SAP Concur blog post states financial crime accounts for up to 5% of global GDP, with an estimated $800 billion to $2 trillion laundered annually. In the U.S., financial institutions face penalties of up to $500,000 per violation. It says organizations handling international travel, cross-border payments or complex expense categories must comply with AML rules, and describes how real-time transaction monitoring, enhanced due diligence, intelligent risk assessment and simplified reporting can reduce compliance risk.