AML Tech Buyers Guide: Where Compliance Meets Computers, Slow Down.

  • 11/01/2024

Anti-Money Laundering processes can be complicated. Legislation has become more complex, risks more opaque, fines more jarring, criminals more cunning and international relations more fraught.

What’s more, at every turn, we’re being asked to do more with less. Onboard clients quickly but don’t miss any compliance steps. Meet every compliance requirement but don’t give a customer a bad experience. Onboard valuable international entities but don’t mess up if they are domiciled in a tax haven. Monitor every customer and transaction on an ongoing basis but do it cheaply and accurately. The list goes on.

The good news is that there’s a treasure trove of AML tools and technologies designed to automate, streamline, and ensure consistent compliance. 

The bad news is, it can be overwhelming.

Search ‘IT project success rate’ and several sobering statistics show up. The latest, by Standish Group, in their aptly named CHAOS report, shows that 66% of technology projects (based on the analysis of 50,000 projects globally) end in partial or total failure – with even the smallest software projects failing one in ten times.

As vital as technology is to successfully weeding out bad actors, it still requires thoughtful consideration and a strategic approach before being incorporated into an organisation.

So then, where to start? A firm wanting to implement new technology successfully needs to start with a thorough look at its own process. Although it may be tempting to start with the available technology, don’t do it. This will invite the top three reasons IT projects fail: lack of user input, incomplete requirements and specifications, and changing requirements and specifications.

This article is an excerpt of the guide ‘AML Tech Buyers Guide: Where Compliance Meets Computers, Slow Down.’  Download the full guide here.

If you’d like to discuss any of the above further please contact Michelle Davie, Global Partnerships Manager at [email protected]