Automation of BSA & AML Activities

Author: Dave Dekkers, CAMS-Audit

BSA/AML activities are seen as a necessary burden by many financial institutions due to the labor intensive nature of the work and the high costs. A key strategy regarding BSA/AML compliance activities should be to improve efficiency whilst fulfilling audit and regulatory requirements. This white paper will introduce aspects of automation of BSA/AML activities to improve accuracy, efficiency and effectiveness.

Regulatory pressure is building on BSA/AML officers as governmental efforts to reduce terrorism, crime and tax evasion increase. The growing demand for more information and increased scrutiny of customer activity are a daily challenge with executing BSA/AML compliance activities. Non-compliance leads to high fines being levied and occurs almost on a regular basis.

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