Is There a Better Way to Comply With BSA Regulations?

For small to midsize institutions, AML software is the most common option for BSA/AML transaction monitoring. This option usually includes a sizeable initial investment, an implementation process including a lengthy training period with a great deal of IT involvement and for many institutions additional staffing. Employees' salaries, vacation time and benefits also need to be calculated into your in-house overhead costs. If you are a very large institution, you may have the resources to fund your in-house BSA compliance efforts. Recently available, another option is outsourcing your BSA/AML transaction monitoring. This option alleviates much of the time and resources dedicated to BSA/AML transaction monitoring, training and cost of hiring additional employees and possibly eliminating a high initial investment in AML software. Your existing employees can be redeployed throughout your institution to better concentration on other areas of BSA compliance and banking responsibilities.