Centralized case management and a common data model: With a centralized case management and a common data model across all your AML applications, an AML cloud service can provide a holistic view of each customer or counterparty and a 360-degree view of their risk. It will allow AML Managers and Analysts to easily configure user roles and workflows, automate processes, design custom scenarios, access a catalog of pre-built scenarios, and perform threshold simulation, tuning and back-testing.Įverything should be highly configurable and easy to update as policies, best practices, and regulations change.Ģ.It should give system administrators IT operational insights at their fingertips and let them manage upgrades with ease.The browser user interface should allow your system administrators to set up your data pipeline very quickly and to have a centralized view of integration points into different data sources.A single browser user interface for your entire AML team: Look for an AML cloud service that provides everyone on your team with a single, easy-to-use browser user interface – this means fewer clicks for everyone. Here are a few key elements to look for in a best-in-class service:ġ. But what does integrated AML as a service look like, and what are its advantages over using disparate systems? We suggest they consider what we like to call “AML Cloud Convergence”: Using a single, integrated, cloud-based software as a service that delivers all essential functions of AML compliance (Know Your Customer, Customer Screening, Transaction Monitoring, and Regulatory Reporting). Many Chief Compliance Officers at midsized financial institutions sense that streamlining their anti-money laundering systems will lead to increased efficiency and effectiveness across their AML programs, but they wonder where to start. The benefits of end-to-end AML solutions delivered as a service
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