Four Areas of Impact for a Robust AML Management System

Settlement cases amounting to over $500,000 for violations of the Bank Secrecy Act should serve as a reminder that anti-money laundering woes plague banks of all sizes. Hefty penalties for sanctions violations linked to illegal transactions, BSA and AML violations indicate that regulators are still very much prioritizing these aspects – and many institutions, large and small, have not yet attained the mature and comprehensive program that is expected.

You do not want to pay over $500,000 in fines and settlements. What you want tdo is focus on productivity rather than worry about the cost of noncompliance.

How do you do this? You need to keep your BSA/AML compliance in check with a robust BSA/AML management software. A BSA/AML  software equips you with change management tools with advantages on four fronts:

1. Culture of Compliance. Our system breaks down the silos and provides key information at all levels in one place.
2. Risk Assessment. Our system can help identify, monitor risks and implement controls.
3. Ongoing Training. Continuing training through LMS.
4. Policies, Procedures and Internal Controls. Our system supports in tracking policies and issuing any necessary follow up tasks

A software application closes gaps in your BSA/AML compliance program to protect your organization from costly penalties and fines, reputational risks, negative business impact and compliance deficiencies through rolling out of corrective and preventative actions.

 

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