While we all try to make our way along through this "compliance stuff", I wonder. Has anyone heard of any statistics as to just how many banks have already implemented an automated analysis/monitoring system???? I am sure all the big guys (i.e. Wells Fargo, Citibank, et.) have installed a variety of things, but I wonder how many of us smaller guys have.. Just curious if anyone has seen any stats anywhere. Just wondering if our bank is far behind most, or are we one of many who hasn't done anything so far in this area...

I don't know of any formal statistics; but my conversations with my peer compliance officers (our bank is about $2B) is that all of them have or are in the process of implementing monitoring software this year. Maybe others can give an opinion on banks smaller than this. I get the feeling that just about all banks $500 million and above are or planning to implement.

How do you view the results of the poll??

We're implementing SearchSpace (may the Lord have mercy on our souls). Just went 'live' on Monday.

Maybe you can post the results since Jim and a few others are not "banks" and can't vote (or can't legitimately vote)!

I think the results would be interesting for all to see.

As of 11:12 am:


Are you or do you plan to use AML software?
Users may choose only one (48 total votes)
Yes, under 500 M 4-- 08%
Yes, 501M - 1B 6-- 13%
Yes, larger than 1B 12-- 25%
No, under 500M 19-- 40%
No, 501M-1B 5-- 10%
No, over 1B 2-- 04%

Or put another way, percentage responding by class . . .

Are you or do you plan to use AML software?

Under 500M (% of class)
Yes, 4- 18%
No, 19— 82%

501M - 1B (% of class)
Yes, 6— 55%
No, 5— 45%

Larger than 1B (% of class)
Yes, 12— 86%
No, 2— 14%

The only thing that surprises me are the two banks over 1B that aren't planning to implement.

Or, put another way, what percentage are willing to risk the bank's charter by not making it your business to root out money launderers before your bank is charged with aiding and abetting?

Quote:

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Or, put another way, what percentage are willing to risk the bank's charter by not making it your business to root out money launderers before your bank is charged with aiding and abetting?

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I can't speak for other institutions but mine (under 500m). I looked into software and right now the software doesn't provide anything that I myself can't do. Would I like to use software vs. an excel spreadsheet? Sure. But, to us, it's not justifiable.
So, just because we don't have software and probably won't be purchasing any, doesn't mean that we don't monitor.

But it does scare me that large banks don't have software. We're a little enough institution where reading/monitoring reports and an excel spreadsheet work fine. I'm curious as to how they monitor without software.