AML REGTECH

Automate compliance workflows, reduce operational costs and improve efficiency

AML RegTech solutions

AML compliance obligations are continuing to increase across the professional services industry. For lawyers, accountants and real estate agents, AML compliance can feel burdensome and a barrier to success. Is this the reality – or do these same persons have options that they have not yet identified?

Perhaps they have made the decision to have their businesses stuck in a time-machine, unwilling to rely on machine learning and automation, regardless of the benefits? Perhaps these businesses have not yet heard of FinTech (short for ‘Financial Technology’, or RegTech (short for Regulatory Technology)? FinTech and RegTech can make a day in the office a lot more relaxing and operating more efficiently. There are many more benefits to adopting next generation technology.

Businesses that are not taking advantage of FinTech and RegTech are likely to be working 3-4 times harder than their competitors and experiencing a higher frequency of client numbers dropping.

Immediate implementation

SaaS products can be quickly implemented.  Where businesses previously spent up to six months identifying requirements, configuring and testing IT solutions – at a very high cost – these same businesses can now implement their processes immediately. Affordability has moved from large sum payments to an affordable monthly subscription.

Utilising SaaS means an entire AML/CFT compliance framework can be established within a 24-48 hour period.

AML Risks

Interest from government

AML RegTech is currently receive a lot of interest from AML supervisors.  Some jurisdictions make it compulsory for businesses to  implement AML technology.  They are recognising it is impossible for large volumes of data to be effectively analysed through a human process that is reliant on a manual process.

Automate workflows

AML RegTech means SME businesses no longer have to have AML experts within their staffing levels. This is because AML software has embedded  algorithms (specialist rules).  Businesses simply select the pre-existing rules or adjust and tailor to their specific requirements.

Once AML rules are established, the workflows will ensure processing data and reporting is completed speedily and with accuracy. Of course businesses need to test that their rule selections are the most appropriate. This period of reviewing the configuration and carrying out testing should be against reliable business data.

Following completion of the configuration stage, businesses will adjust then proceed to live processing.  From this point forward the benefits of an automated digital framework will be clear.

Manual to digital

If you are considering a move away from a manual paper system and transitioning to a fully digital system – get in touch with AML360. We are one of the most effective, end-to-end solutions on the market – and we keep our costs affordable to SMEs.

What are industry reports saying?

Industry research reports confirm the use of RegTech will become more recognised.

The above survey carried out by Thomson Reuters confirmed the greatest financial technology challenges expected over the next 12 months are – “…updating and configuring systems to enable effective use and reduce manual work…”

AML Software

Work smarter, not harder

Ten years ago compliance technology for most SMEs was unaffordable.  Back then there were more economic benefits for an SME to hire full time employees than invest in IT central data systems.  Today that theory no longer applies.

The swift pace of the software-as-a-service industry means SME businesses can access digital solutions at an affordable cost.

SaaS means development and maintenance of inhouse servers is no longer required.  This is a significant cost saving factor.  

Human error

Businesses that rely on manual systems have higher risk to human error.  The more persons involved in a manual workflow, the greater the likelihood of human error occurring.  In a worse case scenario, human error may result in regulatory action.

Ready-to-go versus recruiting

AML360’s RegTech solutions come with ‘ready-to-go’ risk and compliance tool kits that are fully digitised. This means paper is eliminated, human error is reduced and record keeping is automated and senior management reporting can be summarised to charts, heat maps and data tables.

A manual AML compliance system with sole reliance on human resourcing commitment will need to first commence the human resourcing recruitment process. For a small business this can be disruptive to their ordinary day-to-day practice.

The right candidate bringing a level of AML experience can expect to have a salary range in the vicinity $80,000+ (per annum). These factors identify manual processes as expensive and inefficient for managing an AML/CFT compliance framework.

What is an end-to-end compliance software?

AML360 is leading the global industry with an end-to-end AML compliance solution.  This includes client screening, client profiling, business risk assessments, programmes, account and transaction monitoring, case management, geography risks, in-house auditing and senior management reporting.

Human resourcing factor

By adopting an AML RegTech solution means an SME can meet AML compliance without draining their scare human resource. The employee no longer needs to spend hours or days sifting through a spreadsheet, or worse ignoring AML compliance because of a ‘too difficult’ methodology.

AML RegTech
AML RegTech