Increase Productivity by Reducing BSA/AML Transaction Monitoring Workload

For many years AML software has been the most common option for BSA/AML transaction monitoring. This option usually includes a sizeable dollar and time investment, an implementation process that includes a lengthy training period and for many institutions, additional staffing. If you are a larger institution, you may have the resources to fund your in-house BSA compliance efforts but all this will usually not decrease the amount of time your BSA Officer spends on alert resolution. Recently available, another option is outsourcing to a managed service provider. This option alleviates much of the time and resources dedicated to BSA/AML transaction monitoring, training and the majority of the cost to hire additional employees. Outsourcing dramatically decreases the amount of time your BSA Officer and other staff members dedicate to BSA/AML transaction monitoring. Your existing employees can be redeployed throughout your institution to better concentrate on other areas of compliance and banking responsibilities.