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What Differentiates Modern AML Solutions from Legacy AML?

The Legacy Approach

In last week's article, we discussed Rules Engines vs Machine Learning for AML/BSA/CFT compliance. In this article we differentiate legacy AML process from modern a Agile Compliance approach. The legacy AML process consists of on-boarding customers, transaction monitoring and reporting. These processes are hard-wired into the software by technology companies and have been used for years.

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Topics: machine learning, money laundering, AML/BSA, regulatory compliance, FFIEC

Should AML Technology Drive Business Process or Vice Versa?

This is a vexing question and it is at the heart of myriad problems with the current approach to AML/BSA processing. Last year, in conversation with a banking regulator, he observed, that "when a bank buys AML software they also buy an AML business process".

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Topics: AML/BSA/CFT, regulatory compliance, FFIEC

A Conversation with California's Commissioner on RegTech

 

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Topics: risk managemen, financial risk, community banking, AML/BSA/CFT, regulatory compliance, ccpa

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