Avoiding the drift: Optimizing and maintaining AML surveillance programs

October 2013

Overview

Faced with new requirements, financial sector companies have increased their investment in anti-money laundering (AML) compliance efforts. Avoiding the inadvertent process of noncompliance, “AML drift”, is the key to a successful surveillance program. This whitepaper provides methods and techniques to help companies optimize their AML compliance program and protect themselves from regulatory impact.

 

Faced with new requirements, financial sector companies have increased their investment in anti-money laundering (AML) compliance efforts. Despite this investment in systems, training, and assurance many firms have faced enforcement actions due to breakdowns in their compliance programs. Avoiding this inadvertent process of noncompliance, “AML drift”, is the key to a successful program. To meet these challenges, companies need to do better, more data-based testing; they need to uplift the technology used for monitoring; and they need to ensure they are aligned correctly to produce efficient AML programs.

This paper will provide insight into how AML programs work and where the breakdowns are likely to exist. Additionally, you will learn the key questions to ask to prevent drift across the structural components of the AML process. Most importantly, we provide methods and techniques to avoid AML drift and resultant damage that comes from it. If companies get this right, they’re protecting themselves not only from regulatory fine and censure, but from the potentially costlier reputational risks that could follow.

Contact us

John Sabatini
Advanced Risk & Compliance Analytics Leader
Tel: +1 (646) 471 0335
Email

David Choi
Advanced Risk & Compliance Analytics Principal
Tel: +1 (646) 471-6748
Email

Vikas Agarwal
Financial Services Risk and Regulatory Technology Principal
Tel: +1 (646) 471 7958
Email

Contact us

Sean Joyce
Principal, Cybersecurity and Privacy
Tel: +1 (703) 918 3528
Email

Joseph Nocera
Financial Services Cybersecurity Leader
Tel: +1 (312) 298 2745
Email

Jeff Lavine
Anti-money Laundering and Sanctions Leader
Tel: +1 (703) 918 1379
Email

Didier Lavion
Anti-bribery/Corruption Leader
Tel: +1 (917) 770 2196
Email

Genevieve Gimbert
Fraud Co-leader
Tel: +1 (646) 471 5145
Email

Brian Castelli
Fraud Co-leader
Tel: +1 (646) 471 2563
Email

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