Due to sharp increases in regulatory enforcement today, including cease-and-desist orders and record fines, it is now a top priority for your financial organization to comply with regulations like the Bank Secrecy Act and USA PATRIOT Act.
Without a comprehensive BSA/AML program, you face the risk of:
In addition, the increasing sophistication of money launderers and government regulators demands a more comprehensive response to avoid exposure. If your anti-money laundering program still follows manual processes, you face the risk of rendering it inefficient, inaccurate and, ultimately, ineffective. It is, therefore, necessary for you to plan for a BSA/AML strategy to protect your institution.
To confidently and proactively address the challenge, institutions now require a more holistic risk-based approach to their BSA/AML compliance program commensurate with regulators’ expectations. Further, the program must focus in equal parts on the core areas of KYC/CIP, AML and regulatory reporting within an integrated financial crime control system.
We offer a wide variety of solutions—from risk and fraud management to ongoing governance products—designed to tackle these challenges head on. Our technology solutions include real time alerts that accurately recognize money laundering and fraudulent activity, as well as monitoring and screening analytics with risk and control reporting to give you a structured, overarching view of the state of your financial crime risk. Ultimately, our goal is to help you identify and secure critical gaps in your business processes to better mitigate losses, while reducing your escalating costs and impractical task administration.
The OneSumX Financial Crime Control suite includes: