Stefanini TechTeam : #TechTrends – Anti-money Laundering (AML) Solutions

If you are a bank, can you afford the penalties for financial crime ? In the past two years, the financials companies have amounted to more than over $8.9 billion US dollars.

Anti-money laundering (AML) solutions were first started by financial institutions as a result of money laundering relations in the late 1980's and early 1990s. As technologies became smarter and recent events occurred, there has been a renewed interest in AML solutions due to the following:

• Stricter regulation and supervision: The US has led a crackdown on money laundering and terrorist finance. As a result of this, there has been a series of new money laundering regulations in the past decade. Heavy fines can be levied towards businesses. There is a demand for well-developed AML program in financial institutions.
• Technology is changing so quickly- Mobile banking has increased the amount of transactions. With this increase in volume, it makes much easier for money laundering to occur and the jobs of AML much more difficult.

(source: FINRA / PWC)

At Stefanini we work as a strategic partner for clients to increase their competitive edge.

With the expertise of a global provider, Stefanini's AML solution ensures a short, seamless integration period (8-12 weeks) for clients, termed the 'Stefanini Rapid Deployment Period.' Additional benefits include high operational overhead savings and low total cost of ownership for mid-level banks, credit unions and financial institutions.

This solution provides end-to-end packaged AML compliance capabilities designed to target North American mid-level banks. Amongst its many features, our solution can monitor a business by providing external and internal audits, improve the management of the compliance area by automated controls and alerts, and send alerts to the appropriate personnel in charge - under the supervision of the compliance area.