RegTech platform: Truly effective AML Compliance rather than simply ‘technical’ compliance


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Today’s top RegTech enables truly effective AML Compliance–settling for ‘technical’ box-checking no longer good enough

By Frank Cummings, CEO of AML Partners

The Basel Institute on Governance asserted recently that a lot of countries emphasize “technical compliance” while turning a blind eye toward ongoing failures to enforce genuinely effective AML Compliance measures. The Institute noted that AML/CTF Compliance rules and regulations without actual resources and enforcement achieve very little.

This ineffectiveness of relying primarily on “technical compliance” surprises no one. For years, achieving even technical AML Compliance has been a logistical and practical nightmare; doing more than that was beyond daunting to most. Through that lens, technical compliance was at least a starting point. But with today’s best RegTech technologies, achieving genuinely effective and efficient AML Compliance and countering the financing of terror are not only possible, they’re both easier and more manageablethan slogging through checkbox Compliance and its attendant glut of paper and Maalox.

AML Partners’ RegTech ONE is a prime example of the new breed of extraordinary RegTech solutions—solutions built for genuine AML Compliance rather than technical box-checking.

RegTech One is a next-generation platform that leverages the API economy to facilitate in-house users building their own custom RegTech solution to meet virtually any regulatory compliance requirement.

For example, the RegTech One platform powers AML Partners’ AML ecosystem that fully integrates CDD/KYC, Behavioral monitoring with subpoena searching, and sanctions screening—all with drag-and-drop configurability and querying. With this SURETY Eco™ AML ecosystem, users no longer need custom programming to achieve custom results or updates. Because of its foundation in Comply on the Fly™ technology, SURETY users drag-and-drop from their desktop when they want to query data or create a new trigger or KYC question.

To be crystal clear, technology exists todaythat when effectively applied can eliminate money laundering and terror financing through accounts with financial institutions. And it doesn’t require endless streams of money or on-call custom programmers.

With RegTech One as their RegTech platform foundation, our customers can very quickly—in days or weeks—network any RegTech tool available today and access their institution’s enterprise-wide ecosystem of data. This enables genuinely effective AML Compliance—not just a technical nod to regulations.

Imagine, for example, a financial institution that does a lot of business in the Middle East. Based upon that institution’s Enterprise Risk Assessment, it anticipates getting a lot of correspondent traffic from that geographic region. Using RegTech One, that institution can apply AI-based entity resolution to map out how all these individuals who are sending money are related—or are not related. This genuinely effective AML Compliance approach contrasts sharply with the merely technical effort of saying “here’s all my high-risk traffic and I’m going to make it high-risk and to monitor it like I monitor everything else.”

Prior to the advent of the RegTech One platform and similarly cutting-edge RegTech solutions, institutions were justified in believing as a practical matter that they couldn’t maintain genuinely effective AML Compliance. Through no fault of their own, they were relying on tools literally based upon 1970s and ‘80s technology. Those days are gone, however. Achieving genuinely effective AML Compliance today is a matter of vision and will.

Tools available today—and ready to be networked via the RegTech One platform—include AI-based Identity verification, real-time credit and risk data analysis, multiple database source checking and verification, entity resolution, and so much more.

For instance, in old-school checkbox compliance, you sanction-screen and waive the false positives. In truly effective AML Compliance, you verify screening hits against all data in your enterprise and thereby match unrelated activities throughout your ecosystem of data.

And advances in technology and software architecture facilitate unlimited speed and scalability—by adding servers rather than changing programs. This facilitates truly effective AML Compliance at institutions of all sizes, and it transforms processor-heavy tasks like false-positive remediation in screening and transaction monitoring. With today’s best technology, institutions can drill down to the problem efficiently, effectively, and completely with true entity knowledge. It’s time to start thinking false-positive elimination, and stop thinking about false-positive remediation.

For AML Partners, the RegTech One platform is the culmination of years of combining Risk Mitigation expertise with a drive to create RegTech software solutions that achieve genuinely effective AML Compliance. With our competitors, you might get CDD-ish, you might get TM-ish, you might get Sanctions-screening-ish, you might get 314a-ish. With RegTech One, you get it all at its best working together–with added tools to effectively detect and report suspicious activity across your ecosystem of data.

With today’s best RegTech, mere technical compliance in AML is a choice–not a pre-determination.


RegTech One platform for eGRC horizontal governance

RegTech Platform and Global Software Ecosystem for AML/CTF and BSA/AML

With AML Partners’ platform technology for RegTech, updating and upgrading your AML and eGRC software solutions is easier, faster, and much less expensive. Contact us today to explore how platform technology and our end-to-end AML Ecosystem SURETY Eco and the SURETY modules –powered by the RegTech One platform–can transform the efficiency and effectiveness of your unique AML Compliance efforts. SURETY Eco includes fully integrated modules for CDD/KYC on-boarding, behavior/transaction monitoring, and sanctions screening. And AML Partners simplifies your end-to-end fully integrated AML Compliance efforts even further with an optional Subpoena Search module for FinCEN 314a and similar subpoena searches. Contact us today to learn more or schedule a demo of SURETY Eco, the AML Ecosystem powered by the RegTech One platform. With extraordinary configurability and built for API extensibility, the RegTech One platform powers not only an end-to-end AML ecosystem but also CECL workflows, vendor management, cyber risk workflows, FCPA workflows, and so much more.