Expect more from AML/CFT software
By Frank Cummings, CEO of AML Partners
The Wall Street Journal yesterday cited a survey in which nearly 80 percent of the senior-level AML Compliance executives surveyed lamented the lack of integration in AML Compliance technologies. Too many disparate systems, too many vendors with incompatible approaches, too many internal IT contexts, and too many demands by ever-evolving regulatory environments. We agree that those are huge problems. Until they aren’t—like right now today. Truly.
We at AML Partners have been working single-mindedly toward the goal of integrated AML/CFT Compliance software solutions. And we achieved it with SURETY Eco, our end-to-end AML Compliance Ecosystem. We fully integrate KYC/CDD, Transaction Monitoring with optional 314a, and Sanctions Screening. One system. Fully integrated. Fully configurable in-house. It was our biggest vision and our biggest accomplishment both for our company and our clients striving to achieve effective and efficient AML Compliance.
It’s been interesting to experience potential customers’ reactions when they see SURETY Eco in a demonstration. At first, they don’t believe that it can deliver all that is promised. I have seen this a lot over the years—financial institutions have been conditioned to have such low expectations of AML software and such high anxiety related to cost, to custom development projects, and to endless rounds of ‘essential’ consulting services to make the software work. It reminds me of what it is like to stand in line at the DMV or wait for a city bus where the riders are at the mercy of a broken system. None of it is acceptable, but it’s what we know and it’s what we have come to accept.
Except that that’s not enough. Especially not now and especially not in AML/CFT Compliance. Whether your interest is in supporting your business with an effective and efficient AML software solution or whether your interest is in better AML/CFT Compliance to make the world a safer and more equitable place, it’s time to expect more. To look for more. To demand more. In this world of financial crime, deadly daily terror attacks, and elephantine AML/CFT regulations, more and better is the new baseline. And fully integrated AML/CFT Compliance software is available now. Expect it. Demand it.