#TechTrends – Anti-money Laundering (AML) Solutions

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 Have the proper AML solution ready

If you are a bank, can you afford the penalties for financial crime? In the past two years, financial companies have incurred steep fines related to this issue, amounting to more than $8.9 billion U.S. dollars.

Anti-money laundering (AML) solutions were first started by financial institutions as a result of money laundering relations in the late 1980s and early 1990s. With new technological developments and the occurrence of recent events, there is a renewed interest in AML solutions due to the following:

  • Stricter regulation and supervision
    • The U.S. has led a crackdown on money laundering and terrorist finance. As a result of this, a series of new money laundering regulations has been implemented within the past decade. Heavy fines can be levied towards businesses, and well-developed AML programs in financial institutions are in demand.
  • Fast-changing technology
    • Mobile banking has increased the amount of transactions that are carried out regularly. With this increase in volume, money laundering becomes much easier and the jobs of AML much more difficult.

(source: FINRA / PWC)

Our Solution

At Stefanini, we work as a strategic partner for clients to increase their competitive edge.

With the expertise of a global provider, Stefanini’s AML solution ensures a short, seamless integration period (8-12 weeks) for clients, termed the “Stefanini Rapid Deployment Period.” Additional benefits include high operational overhead savings and low total cost of ownership for mid-level banks, credit unions and financial institutions.

This solution provides end-to-end packaged AML compliance capabilities designed to target North American mid-level banks. Among its many features, our solution can monitor a business by providing external and internal audits, improve the management of the compliance area through automated controls and send alerts to the appropriate personnel in charge—under the supervision of the compliance area.