Best Practices for Anti Money Laundering (AML): System Selection and Implementation


Executive Overview

The stakes are higher than ever for compliance. Money launderers are increasingly turning their attention to jurisdictions with lax Anti- Money Laundering (AML) laws as well as to mid-size financial institutions. In their fight against financial crime including money laundering, compliance executives need to arm themselves with the right tools and systems. A key decision in this „fight‟ is to build the business case internally for an effective compliance system that will meet the financial institution‟s current and future compliance needs. Inevitably, executives must determine the right system to “future-proof” their compliance spend, as well satisfy their regulators.

This white paper describes how world-class financial services companies and IT executives approach the same challenges that confront many organizations wrestling with the build versus buy decision as well as what are the optimum capabilities they should look for in a such a compliance system:

  • How will the system satisfy our regulators?
  • What requirements should we take into consideration so that we can future-proof our compliance spend?
  • Will our compliance solution be in line with competition, more stringent, or too lax when compared to industry best practices?
  • What additional compliance failure risk do we assume, if we build a custom system? Will we detect or miss potential violations?

This whitepaper is release by Oracle Financial Services: click here