Anti–Money Laundering Technology
BDO Consulting’s Anti–Money Laundering (AML) professionals assist financial institutions and organizations by providing technology services to mitigate the risk associated with money laundering schemes. Financial institutions today face the complexities of replacing manual systems and first-generation software with more robust AML technology that is capable of integrating the front, back and middle offices. We go beyond fulfilling regulatory requirements by implementing customized, risk-based AML information technology (IT) infrastructures and related policies and procedures tailored to our clients’ needs to facilitate compliance and best business practices.
Our Anti-Money Laundering Act Regulation Services
Evaluation
We assist clients by evaluating their current AML systems to identify whether their goals are being met with respect to data availability, costs and regulatory initiatives. We also help clients evaluate potential solutions, whether they have been developed in-house or purchased through an external vendor.
Anti Money Laundering Implementation
Our professionals install and fine-tune AML systems and associated databases to meet our clients’ regulatory needs and business expectations. Highly experienced in IT and back office, we project manage and coordinate among multiple vendors, internal staff and numerous data sources.
Monitoring
In assessing monitoring needs, we take into consideration the nature of an institution’s business and the types of products and services it provides. BDO Consulting will evaluate both manual and automated monitoring methods that may be in place at an institution to determine whether automation is beneficial or whether process improvements to a manual method may be in order. A key to this evaluation involves the use of business analytics that help determine the nature of the monitoring to be undertaken and the alerting process for the automated system or manual review process.
Optimization
Equally as critical as the initial implementation, the periodic review and optimization of the transaction monitoring system helps determine whether it is functioning effectively and producing quality alerts. Such review and optimization includes:
- Review of customer segmentation
- Business analytics (to identify what constitutes normal activity for each segment)
- Statistical analysis (to identify what constitutes unusual and potentially suspicious activity)
- Review of business rules to identify transaction types, frequency of alerts, transaction codes monitored, and thresholds and parameters for each rule
- Optimization of the system following established change management processes
Validation
Our professionals assist clients by performing validation services on systems and operations. We validate clients’ processes and data to facilitate proper functioning of AML software and systems. We also assist clients by developing methods to repair data or systems problems that may affect optimum system performance.
Training
Our AML professionals provide clients with the necessary training for their staff, including training for newly implemented technology, or for individuals who may be impacted by monitoring or the associated AML process. We also provide specialized training for clients, supporting their account opening process or training related to the investigative and SAR/STR decision-making process, including SAR preparation. This enables our clients to deploy and utilize technology tools and is a critical component of effectively guarding an institution against money laundering threats.