Knowing who poses the greatest risk to your organization used to be a challenge, but now you can bring it front and center. With the right partners, your riskiest clients can be quickly flagged each day.
Join industry and RegTech experts, Catherine Banks, Refinitiv, and Holly Sais Phillippi, Alessa, as they discuss:
- What regulators are saying about automation, vendor integration and risk management
- Parts of the AML process that should and should not be automated
- How teams of all sizes are benefitting from vendor integration and automation
- What to consider when selecting an AML software vendor
- How vendor integration and automation work together to highlight risk and make investigation easier
AML Automation and Vendor Integration Q&A
Q: What should a vendor ask an FI before doing business with them?
From a technology perspective, you want to ensure your vendor integrates with another provider who can offer the following:
- Customer identification
- Customer due diligence
- Enhanced due diligence
- Ongoing validation of customer information
- Sanctions and watchlist screening and filtering
- Transaction monitoring
- Suspicious activity detection and investigation
- Regulatory reporting to financial intelligence units
- Program reporting to management
- AML program effectiveness monitoring
There are many questions to consider in the due-diligence process of selecting a vendor. However, during this presentation, we discussed the following:
- From a regulatory perspective, can the vendor explain the process behind any automated capabilities? For example, what factors are considered in the matching algorithm, what makes something a false positive, and what makes something a true match?
- From an industry perspective, regulations and technology evolve, how can a vendor continue to support you two, three, and four years from now?
- If your vendor offers you a fully integrated solution that includes global CDD, do they have the global expertise to back up this offering?
Keep an eye on our blog as we will be publishing a more comprehensive list of questions to consider very soon.
Learn about the benefits AML automation and vendor integration can bring to risk management for AML compliance.