Remediation
Overview
Remediation refers to the corrective actions taken by an organization to address compliance gaps, control weaknesses, or regulatory violations identified during audits, reviews, or monitoring. In financial services, remediation often involves fixing deficiencies in KYC, AML screening, transaction monitoring, or data management processes.It may include updating customer records, enhancing risk models, retraining staff, or implementing stronger internal controls. Regulators frequently require remediation plans when institutions fail to meet compliance obligations, with strict timelines for completion. For banks, fintechs, and payment providers, effective remediation not only resolves immediate issues but also demonstrates a commitment to long-term compliance and risk management, helping avoid penalties and reputational damage.
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FAQ
What does remediation mean in AML/KYC?
Fixing gaps in compliance records, controls, or processes after they are found.
Why is it critical?
It prevents regulatory penalties and closes weaknesses exploited by criminals.
When is remediation triggered?
After audits, regulator exams, or when systemic issues are detected.
How is it managed?
With dedicated workflows, timelines, and proof of corrective actions.