In today’s era, when financial crimes are on the rise it is important to ensure compliance with anti-money laundering regulations for all businesses especially those who are high-risk industries. However, selecting one of the best AML software vendors not only enhances productivity but also protects you against financial and reputational risks. Remember that an ideal AML vendor is not the provider of compliance software but the company is a partner that brings the regulatory changes aligning with the unique organization’s requirements. If you want to know how you can select the best AML software vendor then check out this guide:
There are critical factors that tell the effectiveness of AML software solutions. Check out these factors:
• Data coverage and accuracy
Anti money laundering tools should provide extensive data coverage including access to politically exposed persons database and media sources. Up to date data is important to identify potential risks so that the company can work according to the local and global standards in compliance with the protocols. Real time updates ensure the reliability of the AML screening software.
• Adaptable according to the change in regulations
A reliable AML software vendor should be able to adapt the latest regulatory requirements which include any local or global change in compliance standards. Features like customizable workflow ensure the adherence to the local and global requirements.
• Integration with the existing systems
The AML Solutions should integrate smoothly with the existing infrastructure of the company. Of course, the company is not able to change the entire infrastructure to use software like KYC screening software provided by the vendor. Also the integration process should minimize downtime while streamlining the daily operations. The vendor that features cloud based systems is great for scalability and remote access.
What are the important features of AML software?
• An AML software should come up with specific features that mitigate financial crime risks. Some of the essential features that AML software should have:
• The software should be able to monitor or track transactions in real time identifying suspicious patterns that can result into the money laundering or other financial crimes.
• The software should come up with customizable risk rules that allow a company to cater the monitoring system according to the specific requirements of the company.
• The software should screen customers against global watchlists and PEP databases.
