Avoiding the drift: Optimizing and maintaining AML surveillance programs

October 2013
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Avoiding the drift: Optimizing and maintaining AML surveillance programs

At a glance

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.