Skip to main content

Looking for Valuant? You are in the right place!

Valuant is now Abrigo, giving you a single source to Manage Risk and Drive Growth

Make yourself at home – we hope you enjoy your new web experience.

Looking for DiCOM? You are in the right place!

DiCOM Software is now part of Abrigo, giving you a single source to Manage Risk and Drive Growth. Make yourself at home – we hope you enjoy your new web experience.

Looking for TPG Software? You are in the right place!

TPG Software is now part of Abrigo. You can continue to count on the world-class Investment Accounting software and services you’ve come to expect, plus all that Abrigo has to offer.

Make yourself at home – we hope you enjoy being part of our community.

BSA ebook: Building a risk-focused AML/CFT program | Part 3

Download Part 3 of our AML/CFT program guide

This introductory guidebook for AML compliance provides best practices for integrating technology in your AML/CFT and fraud programs, including:

  • Change management strategies such as steps for evaluating your current workflow and budgeting for technology
  • The difference between rules- and behavior-based analytics and how to find a good balance when detecting suspicious activity

  • Creating a testing environment to determine the sweet spot for each scenario and risk rating setting within your AML software. 
  • Cloud computing and cybersecurity considerations

In this guide:

Optimizing technical resources like AI and machine learning can streamline AML/CFT processes by enhancing efficiency, improving accuracy, and allowing staff to focus on areas of most significant risk.

 

We outline best practices on many AML/CFT topics. Part 3 covers:

Get a copy of Part 3 of the Introductory BSA Guidebook in your inbox.

Evaluating and improving your AML/CFT system

Ensuring the technology behind your AML/CFT program is used to its fullest capabilities is vital for maintaining a sound compliance program. Taking the first step toward automating your AML/CFT program can be daunting. Use this chapter as a checklist to gauge your program's preparedness to embrace new techology.

Creating an efficient testing environment

One of the best ways to address dynamic and emerging risks is to conduct above-the-line/below-the-line testing to ensure your software operates at its peak efficiency. Above-the-line/below-the-line testing is a statistical exercise that rigorously analyzes transaction monitoring parameters to identify the optimal settings for suspicious activity monitoring for your institution’s unique risk profile.

Cloud computing and securing data

Cloud computing environments allow cloud service providers to segregate and serve multiple clients on a standard set of physical or virtual hardware. Three of the more common cloud service models have different levels of shared responsibilities between provider and client and are listed in this chapter.

Cybersecurity considerations for AML professionals

Banks and credit unions handle sensitive financial data and transactions that affect millions of customers and businesses. They also face constant cyberattacks from hackers who seek to disrupt services or steal money or data. With the right training, banks and credit unions can reduce their own cyber risks and improve customer and member trust. 

Artificial intelligence and how to leverage it against financial crime

Artificial intelligence (AI) has become a global game-changer, offering innovative solutions and efficiencies that were once unimaginable. While AI provides tremendous benefits to financial institutions—streamlining operations, enhancing customer experiences, and bolstering security—it also presents new opportunities for criminals. This chapter explores some of the more common AI methods fraudsters use to prey on their victims and how AI can help combat fraud.

Create a risk-focused AML/CFT program

Download Part 3