CAB welcomes AML Partners as service member


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CAB, AML Partners share interest in AML/CFT Compliance

AML Partners is proud to announce its entry as a service member into the Caribbean Association of Banks, the Caribbean region’s leading professional association for members of the financial-services industry and the institutions they represent.

“We are tremendously excited about this opportunity,” said AML Partners CEO Frank Cummings. “The Caribbean Association of Banks provides critically important leadership, information and training, and advocacy for financial-services professionals and institutions in the region. Our own expertise in AML/CFT software and consulting matches very well with CAB’s emphasis on effective Compliance being central to the long-term success of the region’s financial-services providers.”

Cummings noted, for example, CAB’s considerable analysis and advocacy related to the growing problem of regional de-risking by American and European banks that provide correspondent banking relationships.

Striving to mitigate AML Compliance risks

Dexter Cecilia, owner and managing director at D.C. Innovative Consultancy B.V. in the Netherlands Antilles, is a strategic partner of AML Partners and works daily with institutions in the region to bolster AML Compliance. He too cites the critical importance of CAB leadership and the value of service members like AML Partners supporting member institutions in their AML efforts.

“The move by correspondent banks to de-risk is a major problem, not only for Caribbean banks but also for the local and regional economies that rely on robust financial services in the region,” Cecilia said. “As CAB has repeatedly emphasized, de-risking is not the answer. I have joined the efforts of AML Partners to work with customers in the Caribbean region to help them review and improve their existing AML Core Compliance programs and to adhere to well-conceived and well-implemented risk-based approaches supported by the best AML software solutions.”

Cecilia, a lifelong resident of Curacao, explained that financial institutions can take greater control of their regulatory prospects and risks like de-risking by getting ahead of the problem. He noted that a true risk-based approach that is supported by excellent AML/CFT software and knowledgeable Compliance professionals provide the best possible foundation for successful regulatory outcomes and for supporting one’s standing with correspondent banks.

“All of us with AML Partners are excited to be a part of CAB and to provide AML Compliance expertise to banks in the region; it’s an excellent fit for the region’s AML needs” Cecilia said. “For example, we all are tremendously proud of SURETY-Eco, the AML Compliance software ecosystem. This software solution fully integrates CDD/KYC, Transaction Monitoring with optional 314a, and Sanctions Screening. It’s one complete solution—end-to-end AML Compliance configured to support each bank’s unique risk-based approach. This focus on solutions and on taking assertive action on behalf of long-term success in financial services–that is why AML Partners is such a good fit as a service member of CAB.”


Boost AML Compliance with AML software solutions

Mitigate the risk of de-risking with a true risk-based approach and an excellent AML software solution like SURETY Eco. Handling UBOs in your  CDD/KYC on-boarding is easy in SURETY Eco, the end-to-end AML Software Ecosystem. Our built-in Principals Registry provides a searchable registry of each UBO that you enter so that you only have to enter each person’s UBO information once. To learn about SURETY Eco and its fully integrated CDD/KYC, transaction monitoring with optional 314a, and sanctions screening capabilities, call us today. We will show you how SURETY Eco and its “Comply on the Fly” engineering adapt completely to your unique risk-based approach. SURETY Eco: The AML Software Ecosystem for end-to-end fully integrated AML/CFT Compliance.