AML Monitoring System Validation Services

We are now scheduling AML Validation projects through Q1 2018. See below to request a proposal.

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The High Cost of Not Validating

An effective anti-money laundering (AML) monitoring system is the foundation of your financial institution’s Bank Secrecy Act program. But if your automated system is missing or incorrectly flagging unusual activity, then every subsequent component of your BSA program is suspect. This can result in:

  • Too many false positives, straining investigative resources
  • Increased scrutiny from regulators, who may then presume that other aspects of your BSA program are suspect as well
  • Enforcement actions with money penalties likely
  • Costly regulator-mandated look-back projects to identify and investigate missed transactions
  • Increased scrutiny in subsequent regulatory examinations
  • Negative press, both in trade publication as well as mainstream media, resulting in reputational damage

That’s why simply turning your AML system on, without an independent validation and periodic follow-ups, is a high-risk gamble that no financial institution should make.

How AdvisX Can Help

Our team of BSA experts draws upon years of experience working with financial institutions throughout the country using all types of AML systems to put your BSA program on solid footing. We know where the pitfalls are. We coordinate closely with you to minimize disruption to your team as well as the costs through each phase of the process. With AdvisX on your team, you’ll find:

  • Expertise combined with our patented technology platform resulting in fees that are 40% below those charged by traditional providers
  • A team with the expertise to know the kinds of things that can derail an AML system validation and make it unnecessarily time-consuming and expensive
  • The opportunity to work directly with a team that national and regional firms contract with to conduct AML validation projects for their clients, saving you money
  • A 100% satisfaction rate from our client base
  • Prices starting as low as $6,000, with discounts for multi-year agreements, along with an exit option after the first year

Phase I: Discovery

During the discovery phase, we work closely with your team and your supporting documents to gain an understanding of your institution and the AML system you have in place. We work to know your risk factors and how the AML system operates with those risks in the normal course of operations.

Phase II: Proving the System

During this phase, we seek to prove that the system as currently designed is functioning in an accurate and timely manner. We focus on both the accuracy of the data flowing from institution’s core system into the AML system as well as testing the output from the AML system back to the associated accounts and transactions within the core system.

Phase III: Risk Alignment

Here we assess whether the current processes, templates, prescribed thresholds, and/or corresponding profile adjustments are in line with your financial institution’s BSA/AML risk appetite. This phase, while optional, can help your institution reduce its BSA workloads, anxieties and costs.

AML-Offerings-whiteRequest a Free AdvisX AML Validation Bundle

Complete the following form to have a free AdvisX AML Validation Bundle sent to you. The bundle includes:

  • The AdvisX Anti-Money Laundering Validation White Paper
  • A sample of what an AML Validation report from AdvisX typically includes
  • An AML Validation Service Sheet

Optional Proposal. AdvisX’s AML validation services are designed to reduce your BSA workloads, anxieties and costs. Let us prepare a proposal at a price that makes sense for your financial institution.

AML Validation Bundle Request

  • To receive a proposal for AML Validation Services, please complete the following. There is, of course, no obligation.
  •   Under $100 million
      $100-$250 million
      $250-$500 million
      $500 million-$1 billion
      Over $1 billion
  •   Under 5
      6 to 10
      11 to 20
      21 to 50
      Over 50
  •   Under 3
      3 to 5
      6 to 8
      9 to 12
      13 or more
  •   1-Limited (Limited commercial and/or business emphasis, greater emphasis on consumer/member accounts with limited product complexity, such as checking, savings, MMDA, CD)
      2-Increased (Increased commercial and/or business emphasis, even emphasis on consumer/member accounts with increased, but relatively low levels of product complexity, such as RDC, IAT, International wire transactions, etc.)
      3-Moderate (Moderate commercial and/or business emphasis, even emphasis on consumer/member accounts with moderate levels of product complexity, such as RDC, IAT, International wire transactions, etc.)
      4-Heightened Heightened commercial and/or business emphasis, even emphasis on consumer/member accounts with heightened levels of product complexity, such as RDC, IAT, International wire transactions, etc.)
      5-Heavy (Heavy commercial/business client emphasis and/or use of complex products such as RDC, IAT, International wire transactions, etc.)

Contact: info@advisx.com or 888.980.1949.

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