All financial institutions are subject to regulation, and failure to adhere closely to these mandates carries serious penalties. When it comes to those related to AML compliance, institutions can't afford to take any chances.
Writing for Gadget Magazine, author William Lawrence details the substantial role that AML software plays in the continued functionality of the modern financial institution. He highlights one institution in particular that was able to revolutionize the way it processed transactions.
"In fact, by implementing an AML solution, one of the top banks in the US saw significant benefits including a reduction in processing time from 18 hours to around four hours while increasing the number of scenarios deployed to monitor emerging risks," Lawrence writes. "The bank also managed to increase the number of historical days that activity could be monitored and increased the number of nightly transactions."
It comes as no surprise, then, that a facility with AML software is a much-sought after trait in financial officers. According to an article in online publication EfinancialCareers, recruiters have placed a strong emphasis on finding candidates who can help ensure compliance with regulations, even as they are updated. An employee able to use technology to fulfill AML and KYC requirements is quickly becoming an indispensable asset to any financial services team.
In addition, for the employee, this knowledge could save them serious legal reprisal. In increasing numbers, individual compliance officers are being targeted for oversights. Thus, it is in the best interest of both the officer and the institution he or she represents that the tools at their disposal are as comprehensive and up-to-date as possible.
