BSA/AML: Automated Monitoring Systems

A couple of weeks ago we blogged about manual monitoring systems for suspicious activity as part of your BSA/AML program. We’ve seen many institutions that eventually decide to make the jump to automated monitoring systems in hopes of lessening the amount of “work” involved. It’s important to note, however, that the workload will likely increase (at least initially) until you get all your parameters set, have time to test them, etc.

Kevin explains more in the video.

Video Highlights:

• Automated monitoring can be complex and unique depending on the bank's software capabilities.
• Automated systems are often better at detecting more obscure red flags but they do require some extra work and training.
• Manual monitoring may be necessary while an automated system is getting up to speed.

Published
2023/07/11