Mar 12, 2020
Hiring third party investigators to bolster your AML and Compliance team? Here’s four things to consider before you pick up the phone.
Money Laundering investigators are in high demand: banks and other financial institutions have spent almost two decades hiring more and more of them. Add to this a complex working environment that the well-documented issues of detection inefficacy, rising alert volumes and a shortage of candidates skilled up to work with the Banking Secrecy Act and other regulation, and many banks are faced with a recruiting crunch.
One answer is to bring in third party investigators – but it almost immediately raises another issue: can you get them working productively with the AML systems you’re running?
Based on conversations I’ve had with senior compliance officials at several North American banks, as well as our own institutional experience, here are four things any institution should consider before it calls in third party investigator contractors:
Third party users and staff augmentation firms are filling a growing need on many AML teams. Ensuring your financial crime solution is ready for external users will be a key investment to make to ensure success. Identifying your institution’s ability to tackle these four key tasks will help prepare for the future. (Editor's Note: The article was written by Richard Graham; original article here. Reposted with permission.)
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