AML Software Implementation: Five common pain points

Vendors should be realistic about the length of the implementation process. However, with cost-effective solutions and the right resources on the client side, implementation can be as short as two weeks.

2 Keeping Up With Complex Client Requests

Depending on product offerings, delivery channels, customer types, and jurisdiction coverage, many financial institutions require the ability to build ‘out-of-the-box’ features, such as bespoke rule sets, into their AML program. Frustrations can occur when customised implementation requests such as these are not executed swiftly by vendors or are not supported by technically skilled personnel to ensure the fraud and AML detection and prevention system works effectively post-implementation.

about working remotely or on-site with the customer, based on whatwill enable them to progress more effectively. Post-go-live customer success or solution engineers should be at hand to ensure the AML program is working effectively and efficiently, to detect and prevent fraud and AML risks. This kaizen approach to financial crime risk mitigation ensures that a firm is in control of its current risks whilst being aware of its emerging risks.

3 LACKING RELEVANT IN-HOUSE EXPERTISE

things don’t initially go as planned. The best vendors will have a ‘test and iterate’ mindset. This should begin with a sandbox, enabling integration to start immediately. A sandbox approach also means implementation can be phased, with deliverables that are ready starting immediately while work on other areas of the solution is ongoing.

The intersection of implementation and customer success is also critical. Customer success managers will be their clients’ front-line representatives when explaining and working through the roll-out of new vendor features, or when managing client requests for new configurations or capabilities. A knowledgeable and engaged customer success manager can also proactively recommend optimisations based on their experience working with similar clients.

5 Slow Response Times

Waiting for a vendor’s IT team to implement a change to sanctions, PEPs, adverse media or other watchlists based, for example, on new information from law enforcement can have costly consequences if not done quickly. If not addressed promptly, the results could look like criminal behaviour going undetected for weeks, or even months.

To avoid this, compliance decisionmakers should evaluate vendors’ ability to support changes over time as new risks emerge. Look for a firm that offers features like the ability to build new rules quickly or update screening lists without the need to raise a time-consuming support ticket.

Learn more about how good AML software implementation is critical for compliance teams by hearing what ComplyAdvantage’s customers have to say at complyadvantage.com

To manage this complex array of requests, firms should ask vendors how they manage the implementation process. A best practice approach is for each client to have a dedicated implementation consultant who will support them through to go-live, ensuring continuity of service and a speedy response to inevitable questions and challenges. Ideally, this consultant will be flexible

Some regtech vendors will also specialise in supporting certain markets like digital banking or payments. Others have a broad suite of clients, with implementation and customer success teams dedicated to each. While both approaches can make for a successful business, frustrations can emerge if an AML vendor does not have the necessary experience within a relevant sector. To mitigate this, firms should look for vendors with complementary areas of expertise. This will enable greater lateral thinking when solving inevitable challenges and roadblocks. It also empowers implementation teams to be proactive, offering creative solutions that can help firms get to their intended solution quickly and more efficiently than anticipated.

4 Rushed Implementation Without Thorough Testing

AML solutions that are quickly implemented without a predetermined extensive testing phase can cause major headaches for compliance teams when

About ComplyAdvantage

ComplyAdvantage is a leading source of AI-driven financial crime risk data and detection technology. Its mission is to neutralise the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 1000 companies rely on ComplyAdvantage to understand the risk of who they’re doing business with through the world’s only global, real-time database of people and companies. It has four global hubs in New York, London, Singapore, and Cluj-Napoca and is backed by Goldman Sachs, Ontario Teachers, Index Ventures, and Balderton Capital. Alia Mahmud has previously served senior compliance roles at HSBC, Qatar National Bank, OakNorth, Revolut, and Algbra.

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