Tuesday, 12 May 2015

Automation and AML/BSA Compliance

From JD Supra Business Advisor –

“The future of compliance includes technology solutions. Do not get me wrong – technology is not a panacea but it is an important strategy for leveraging resources. In the anti-corruption and sanctions compliance arenas, technology is an important tool, especially for third-party risk management and knowing who your business partners and customers are for sanctions compliance.

AML and Bank Secrecy Act compliance heavily depends on technology. That is a fact reflecting the reality of monitoring and auditing numerous customer relationships, correspondent banking and large numbers of transactions. In the absence of technology, banks and other financial institutions would be overwhelmed by labor costs. Automation is a key strategy for improving the accuracy and efficiency of an AML/BSA compliance program.”

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