Implementing an Effective Anti-Money Laundering System

Kevin Harris, CAMS-FCI

Increased pressure from regulators have Bank Secrecy Act/anti-money laundering (BSA/AML) officers turning to software vendors for solutions which can add efficiency and accuracy to their program. Financial institutions must choose a software vendor solution that is right for their institution’s size and risk appetite. While larger financial institutions may have the ability to custom build software, many smaller institutions rely on software vendor solutions to provide them with an all-inclusive solution. This white paper should serve as a tool for BSA/AML officers who are looking to implement an automated AML software and provide real world guidance as it relates to the planning, resource, and validation stages of implementing the software. This white paper will provide insight into some of the many technical pitfalls in which BSA/AML officers commonly find during the implementation process. It will outline various tools available within most AML software, considerations to be had while implementing a new AML software, IT and staffing resources, and discuss the importance of a system validation.

Download PDF