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Is there a better way to comply with BSA regulations?

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Our bank is spending too much in time and resources focusing on BSA/AML transaction monitoring.Are there options that will allow us to deal more efficiently with this function and still comply with BSA regulations, while not increasing headcount?

For small to midsize institutions, AML software is the most common option for BSA/AML transaction monitoring. This option usually includes a sizeable initial investment, an implementation process including a lengthy training period with a great deal of IT involvement and for many institutions additional staffing. Employees' salaries, vacation time and benefits also need to be calculated into your in-house overhead costs. If you are a very large institution, you may have the resources to fund your in-house BSA compliance efforts. Recently available, another option is outsourcing your BSA/AML transaction monitoring. This option alleviates much of the time and resources dedicated to BSA/AML transaction monitoring, training and cost of hiring additional employees and possibly eliminating a high initial investment in AML software. Your existing employees can be redeployed throughout your institution to better concentration on other areas of BSA compliance and banking responsibilities.

AML RightSource is an outsource solution for BSA/AML Transaction Monitoring.

First published on 04/22/2013

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