How to Avoid Anti-Money Laundering Vulnerabilities

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New enforcement actions and fines for poor compliance with the Bank Secrecy Act (BSA) are hitting the news at a steady pace. While some of these actions are related to fraudulent behavior and active money laundering programs, the Bank Secrecy Act allows regulators to take enforcement action simply when they consider a bank to have inadequate controls that leave them vulnerable to money laundering programs.
How to Avoid Anti-Money Laundering Vulnerabilities
by Michael Heffner, Global Industry Practice Leader, Appian Corporation
New enforcement actions and fines for poor compliance with the Bank Secrecy Act (BSA) are hitting the news at a steady pace. While some of these actions are related to fraudulent behavior and active money laundering programs, the Bank Secrecy Act allows regulators to take enforcement action simply when they consider a bank to have inadequate controls that leave them vulnerable to money laundering programs.
Financial Services firms are racing to improve controls but hitting many barriers. The siloed nature of most large financial institutions creates natural gaps between organizations and information technology systems. These gaps end up being filled by manual processes, spreadsheets, and email—hardly effective, long-term solutions. There are fewer of these structural impediments at smaller financial organizations, but their challenges are just as great, often leading to new levels of controls that create additional layers of complexity...layers that can be challenging to manage, resulting in consistently poor customer experiences.

A new approach makes it possible for financial institutions both large and small to quickly solve their anti-money laundering (AML) challenges by managing compliance work holistically across functions, lines-of-business, and geographies without engaging in complex, expensive, and time- consuming re-architecting efforts. Contrary to what may seem possible, AML program effectiveness may be improved quickly while at the same time delivering a better overall customer experience.

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Provider: Appian Software Deutschland GmbH   |   Size: 1.05 MB   |   Language: English