It Starts Here
An effective anti-money laundering (AML) monitoring system is the foundation of your financial institution’s Bank Secrecy Act program. But if your automated system is missing or incorrectly flagging unsual activity, then every subsequent component of your BSA program is suspect, potentially resulting in enforce- ment actions and costly look-back projects. That’s why simply turning your AML system on, without an independent validation and periodic follow-ups, is a high-risk gamble that no financial institution should make.
How AffirmX Can Help
Our team of BSA experts draws upon years of experience working with financial institutions throughout the country using all types of AML systems to put your BSA program on solid footing. We know where the pitfalls are. What’s more, we know the kinds of things that can derail an AML system validation and make it unnecessarily time-consuming and expensive. We coordinate closely with you to minimize disruption to your team as well as the costs through each phase of the process.
Phase I: Discovery
During the discovery phase, we work closely with your team and your supporting documents to gain an understanding of your institution and the AML system you have in place. We work to know your risk factors and how the AML system operates with those risks in the normal course of operations.
Phase II: Proving the System
During this phase, we seek to prove that the system as currently designed is functioning in an accurate and timely manner. We focus on both the accuracy of the data flowing from institution’s core system into the AML system as well as testing the output from the AML system back to the associated accounts and transactions within the core system.
AffirmX’s AML validation services are designed to reduce your BSA workloads, anxieties and costs. Let us prepare a proposal at a price that makes sense for your financial institution.