Retailers

Skylight empowers retailers to enable the best AML and compliance solutions for their needs

Retailers offering diverse money service products benefit from Skylight’s aggregation of transactions in a self-service, no-code and AI-enhanced tool that efficiently monitors, assesses, and mitigates AML and fraud risks.

Learn more about how Skylight helps retailers through this example from a top US-based retailer that leverages Skylight software for its AML and compliance needs.

Background

With thousands of retail stores nationwide offering money services such as domestic and cross-border remittance payments, bill payments and money orders, the retailer needed a software solution with customizable workflows, automated filing, dashboards to monitor productivity, and no-code rule creation.

As the business grew and matured, the retailer faced increasing regulatory pressures related to anti-money laundering (AML) and compliance.

When ensuring compliance with constantly evolving regulations and protecting the integrity of its business became paramount, the retailer recognized the need for an efficient solution to manage AML and compliance requirements.

Challenges

The retailer and others who offer money service products face several challenges:

Rising Regulatory Complexities: With various federal and state-level regulations to follow, keeping up with changes in AML and compliance requirements was becoming overwhelming.

Manual Processes: The retailer relied heavily on transaction monitoring and reporting processes, leading to errors and inefficiencies.

Scalability Issues: As the business expanded, it became increasingly more work to manage compliance efforts across multiple locations.

Risk of Non-Compliance: The risk of non-compliance with AML regulations significantly threatened the company’s reputation and financial stability.

Solution and Benefits

Skylight offered a comprehensive and scalable solution to address the retailer’s AML and compliance challenges while delivering benefits such as:

Enhanced Compliance: Skylight enabled enhanced monitoring of transactions, always ensuring compliance with AML regulations.

No-Code Rule Creation: Reduced reliance on scarce IT resources and the ability to test new rules against production data before putting rules into production allowed for more flexibility and timely response to threats..

Scalability: Skylight’s scalability ensured the retailer could continue to expand product assortment while meeting regulatory requirements.

Visibility: The software’s advanced analytics and reporting capabilities helped the company proactively identify and address potential compliance risks and compliance agent productivity.

Flexibility: Customizable workflows allow compliance leadership to alter processes as the business evolves for maximum flexibility and regulatory compliance.

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