In part one of this article, Implementation of AML Software: “The Keys to Success” Part 1 of 2, we discussed evaluating your needs, vendors, budget and having a good well thought-out plan, including a Business Requirement Document (BRD) and Functional Design Document (FDD). We covered some, not all, iterations that can change your needs or focus, […]
It’s often hard to judge just how much effort you will need to put forth on behalf of your institution in order to have peace of mind for AML compliance. On one hand you could put a great deal of effort into AML compliance, which could simply be a waste of money. On the other […]
Compliance monitoring is the continued self-assessment and adherence to policies, procedures, and processes within the compliance program. Due to increased regulatory scrutiny this role is expanding throughout the financial institution industry. Specifically, compliance monitoring is a designated role to review, sample, and identify control issues within a compliance program. The value of the role is […]
Compliance organizations face challenges on multiple fronts in their efforts to control anti-money laundering (AML) risk. The perpetrators of financial crimes continually seek new ways to circumvent the protections in place, putting the financial institution at reputational and financial risk. The regulators bring their broad exposure to the latest nefarious techniques to each examination in […]
