Overcoming the challenges with anti-money laundering (AML) transaction monitoring systems

Don’t be the next institution to face reputational damage and negative community impact or regulatory scrutiny and fines from BSA/AML violations. With the increasing regulatory focus and the ever-changing landscape of financial crimes, now is the time to revisit your transaction monitoring and compliance processes and systems. Whether done manually, using an automated system, or a combination of both, transaction monitoring efforts are time-consuming and expensive, yet critical to the safety and soundness of your institution and the communities you serve.

Many organizations struggle finding the right solutions to transaction monitoring. It can feel daunting to determine if your current system is the right system, cost-effective, and most importantly flexible enough to keep up with the risk landscape. And that’s just the beginning – once you have selected the right solution for your institution, establishing processes and managing change are critical to receiving the return on investment.

Join us to hear Baker Tilly’s BSA /AML, risk and change management specialists walk through the steps to choosing the right system for your organization, taking into consideration your unique organizational dynamics, concerns and needs.

Learning objectives:

1. Learn the key features, pros and cons of a sound automated transaction monitoring system
2. Review tips on conducting a thorough vendor analysis, provide best practices and proactive solutions to common issues during implementation
3. Evaluate organizational readiness impacts and review change management best practices for driving support, adoption and utilization
4. Showcase the importance of a model validation, governance around system changes and periodic tuning for effective and efficient alert triage
5. Discuss ways to ensure your institution has the appropriate system in place based on your unique risk profile and internal resources