It’s easy to say I would like to have access to AML compliance tools that will ensure that my firm is compliant with the requirements of the latest anti-money laundering laws and regulations. But wishing for and having access to, a solution that meets your firms’ specific requirements, at an affordable cost, are often incompatible goals. Why is this the case?

Most of us make choices through a process of comparative analysis. But, how do we select the best AML compliance tool suite to meet our firms’ needs? Well, I suggest the most appropriate starting point is to focus on tangible details such as your firms’ regulatory requirements.

By focusing on the mandatory requirements it will help to resist the temptation to jump into solution mode immediately. Without such a foundation, a minor problem can skew your priorities and can lead to inappropriate actions. In all cases, clarity of requirements will expedite the path ahead.

This diagram outlines the key elements of a compliance framework and gives a clear depiction of the process steps that are being sought by the monitoring units from the relevant competent authorities. Any AML compliance toolbox that you consider for selection should be able to complete your firms’ compliance framework. 

It should be noted that there are some things, such as the AML regulations, that you can do nothing about. They’re not problems, they’re merely facts of business life. Often, what appears to be a problem is actually an opportunity in disguise. For example, should a client due diligence process and KYC document management solution be viewed as an additional cost challenge or as an opportunity to enhance your existing CRM process?

As I have mentioned, most AML compliance consultants will advise that you initially recognise your firms’ compliance challenges before deciding on a course of action. But, recognising that something must be done is not enough. There is nothing positive to be gained from putting off the inevitable. At the very least, set a specific deadline for making a selection decision and stick to it. As the saying goes, “every large problem was once a small problem that could have been solved easily at that time”. The more complex a problem becomes, the more expensive it is to resolve. Does it make sense to wait and see what the future holds or should you shape the future and reduce costs by acting in the present? An acceptable solution should be implementable in the short-term, as this approach is usually superior to procrastinating about waiting for some “ultimate” solution. If you look, you might be surprised at how technology-driven, semi-automated process solutions, such as WiseBOS AML from AML QUEST, can achieve a high-end solution at a lower than expected cost.

So in summary, the more possible solutions you investigate, the more likely you are to come up with the right fit. Indeed, it could be said that the quality of your firms’ AML compliance solution seems to be in direct proportion to the quantity of AML compliance toolboxes considered prior to selection.



If you would like to organise a demonstration of WiseBOS AML, call us @ 01-492700 or email us at info@amlquest.ie