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AML/CFT

AML automation: Why, when, and how to automate BSA/AML compliance

Regulatory expectations around BSA/AML/OFAC compliance programs continue to increase with no relief in sight. Smaller institutions are not exempt from these pressures, contrary to what some senior management may believe, yet financial institutions are searching for new and more efficient ways to identify and report suspicious behavior. FinCEN’s requirements for a healthy culture of compliance provide valuable talking points when discussing AML automation with your leadership and board. This whitepaper is intended to assist BSA compliance professionals at smaller, less complex institutions make a case for automation by highlighting FinCEN’s opinion on what makes a healthy culture of compliance, enforcement actions against other community financial institutions, and the inefficiencies and deficiencies of a manual monitoring program.

In this guide, you will learn:

  • Key factors to maintaining AML compliance
  • Shortcomings of manual BSA/AML programs
  • How auditors treat small community financial institutions
  • How to start automating your BSA/AML program