Officials warn about ‘canned’ software for EGRC and AML Compliance
If you’re still using a canned Compliance tool, you’re exposing your institution to major risk of investigation and enforcement actions.
The Wall Street Journal’s Morning Risk Report last week addressed the problem of canned Compliance tools and detailed how SEC authorities in Texas have warned investment firms there of the need to customize their Compliance solutions to their specific needs and to the continually evolving Compliance regulations and risks.
The SEC staff in Texas warned institutions that buying and using “off-the-shelf programs” invites regulatory problems because each firm—even in the same industry—faces different risks.
AML Partners has been ahead of that curve for years. Customization—of nearly every feature—is a cornerstone of every Compliance and RegTech software solution that AML Partners designs and sells. From customized workflows to customized Dynamic Risk Modeling to customized question collections to customized permissioning, AML Partners’ Compliance and RegTech software solutions provide for users the ability to configure the solution precisely to their unique needs, Risks, and evolving regulatory requirements.
And ‘configure’ is a key word here—as in configuring the software rather than getting mired in the time-and-expense nightmare of custom software development. Users may start with a blank slate or they may start with one of many verticals that they custom configure to their needs. The end result is always a finely grained and individually configured Compliance solution that matches the institution’s unique needs—and that can meet new regulatory requirements via “Comply on the Fly” configurability.
“AML Partners has focused on configurability in Compliance solutions for the last eight years—we were well ahead of this curve back then, and our newest Compliance solutions have taken configurability—in-house configurability—to extraordinary new levels,” said Frank Cummings, CEO of AML Partners. “We provide Compliance and RegTech software that can be configured to match precisely each institution’s Enterprise Risk Assessment. With our Compliance solutions, users operationalize the most finely grained nuances of their institution’s Risk and books of business.”
Cummings said AML Partners prides itself on serving the Compliance needs of institutions striving to meet both the spirit and the letter of Compliance regulations in the U.S. and abroad.
“Institutions that invest time and expertise in the front-end analysis of their Risk specific to their unique institutions have software solutions from AML Partners that can mirror and operationalize that analysis. And because these are configured solutions—not custom programming—these solutions are both effective and efficient. We deliver ‘Comply on the Fly’ configurability—the polar opposite of canned Compliance,” Cummings said.
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The stakes of global AML Compliance for AML/CTF and BSA/AML are higher than ever. Contact us today to explore how our end-to-end AML Ecosystem SURETY Eco and the SURETY modules 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.
