The Complexity of Juggling Multiple Data Sources

The Complexity of Juggling Multiple Data Sources

Aug 17, 2023

Why Your Company Deserves Better

In today's digital age, accurate and comprehensive data are crucial, especially for successful Anti-Money Laundering (AML) investigations. Imagine you're an investigator piecing together a puzzle. But what if the pieces come from different puzzles with unique colors and patterns? Think of each data source as a puzzle piece, and businesses as puzzle builders trying to get a complete view of their customers. Each country or jurisdiction is like a different puzzle set, adding complexity. For companies expanding globally, it's like gathering pieces from various puzzles to create a clear picture. This process is complex and can impact efficiency and data integrity.

Traditional data collection methods can sometimes miss the full financial picture. Investigators may struggle to access all relevant information quickly, leading to delays and potential errors. Expanding internationally presents challenges too. Departments dealing with AML and CTF regulations must collect enough customer data to comply with Customer Due Diligence (CDD). However, regulations vary between countries, making consistent data collection tough.

The impact of inconsistent data can be significant. Companies face risks to their reputation and compliance standing. Delays in decision-making lead to inefficient onboarding which cascade down the investigation process, acting as a roadblock, delaying critical decisions, and hindering prompt reports to authorities which can result in regulatory fines and financial losses.

While using multiple data sources and providers seems helpful, it creates inefficiencies. Employees have to juggle between various platforms, affecting decision-making.

How Bits Technology can help:

Amidst this challenge, Bits offers a solution to the problem. We consolidate data from different sources and jurisdictions into a single platform. This means businesses don't need to switch between platforms and providers. Bits ensures you have high-quality data from different markets while maintaining data integrity.

In summary, Bits enables companies to streamline onboarding across jurisdictions by using multiple data sources. This enhances efficiency and enables you to achieve compliance more effectively. With Bits, you gain accuracy and confidence in your operations.

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