Alert!
Compliance Guidelines: Canada
Compliance Guidelines: Australia
Australia’s AML/CFT Law Tranche2 Expanding Compliance Requirement
SRA Announces New AML Regulations for Legal Professionals
Why Should states conduct AML Due Diligence for CBI/RBI Investment Schemes?
How can businesses comply with US sanctions on vessels?
Difference In AML: DNFBPs Vs Financial Sector
Difference in EU and US Sanctions Programs - How It Impacts Compliance?
5 Keyword Search Challenges in Negative News Screening
6 Best Practices For Efficient PEP Screening
Chapter 10: Finalize the Decision
Last but not least, here are a few more tips that can be useful while finalizing your system of compliance screening. The process of choosing an AML compliance screening system is not only a technical decision based on the assessment of the main parameters of the system; it is also a decision that has to be made by agreement among different decision-makers within the organization and, more importantly, has to support the overall goals of the organization.Â
It involves cross-functional teams to ensure the solution meets diverse requirements and conduct a detailed cost-benefit analysis to understand its financial impact.Â
Essentially, it is a question of which strategies can help you get the best deal, and how to ensure that the chosen solution supports your organizational aims.
Define Parameters
Start by identifying core evaluation factors you want to use to select your screening solution vendor. These may encompass location, feature advancement, technical expertise, market position, and support services.
Make a Comparison
Suppose a financial institution is comparing two vendors for their compliance system. The first one is from the United States, and it has higher accuracy, speed, and quality customer support than others but is more expensive.
Another is non-U.S.-based; lower prices; however, have low efficiency in terms of support. Thai requires an in-depth evaluation of which features you prioritize and what aspects you can compromise.
Value Unique Features
Apart from the cost of their services, vendors are expected to bring value to an organization. Essentially, this comprises factors such as system data accuracy, global coverage, speed, reliability, integration support, as well as other customers’ support.
Internal Consultation
Consult with senior employees from different departments of the organization on the decision-making process. Consulting with department heads might reveal specific advantages and needs that were otherwise unconsidered or overlooked, so their involvement will add assurances that the selected system can meet all of the organization’s requirements.
Pricing Consideration
Do not limit yourself to the fixed pricing strategies. For instance, the implementation of a customized structure of pricing that depends on certain activity levels can be economical and more efficient at very high usage rates compared to flat rates.
With all these insights this can be the end of a Buyer’s guideline, BUT it sets the stage to focus on your AML compliance responsibilities.
We wrap things here with the confidence to start a new journey with YOU.
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AML Vendors Evaluation Checklist
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