Have you wondered why your smart phone continues to notify you of application updates as soon as they are available? The reason for the notifications is due to the importance of the updates. While many are minor application enhancements, some are bug fixes or critical cyber security enhancements that should be updated immediately.
How does this smart phone analogy translate to your AML software solutions? Vendors routinely release upgrades and service packs as needed for urgent regulatory changes or bug fixes. Some financial institutions have large, supportive IT departments to handle upgrades swiftly and accurately. Let’s face it, most community financial institutions don’t get the IT support needed when it comes to their AML software. Although AML is a critical function of the institution’s safety and soundness, to the IT team is seems like a small portion of the banking software they support.
Why should you upgrade your AML software promptly upon release? Below are top three reasons to keep your AML solutions (and all software) versions up to date: