Choosing the Right AML Technology Provider: Key Success Factors
Fintelekt Advisory Services and the Asian Bankers Association jointly organised the second virtual workshop for 2025 on Choosing the Right AML Technology Provider: Key Success Factors, conducted on February 18, 2025.
The resource person for the workshop was Shailesh Verma, a seasoned banker with vast experience in financial crime compliance and anti-fraud domains. Arpita Bedekar, Chief Operating Officer, Fintelekt Advisory Services hosted the programme.
This workshop focused on key considerations for selecting an AML technology provider and optimizing compliance processes.
Assessment of requirements:
Banks and financial institutions must assess their regulatory requirements, existing software capabilities, and future compliance needs before choosing a provider. The importance of gap analysis to understand regulatory expectations, internal processes, and operational challenges cannot be underscored enough before making the final decision on tech selection.
Evolution of AML software:
AML software has evolved from on-premises to cloud-based solutions, and AI and machine learning are playing an increasing role in automating compliance tasks. AI can enhance efficiency by reducing false positives, improving case management, and learning from past decisions to streamline investigations.
Key factors in evaluating AML technology providers:
The key factors in evaluating AML technology providers include:
- Total cost of ownership
- Integration capabilities with existing systems
- The ability to customize rules and workflows.
A structured approach while evaluating AML technology providers, that includes scoring potential vendors based on criteria like system flexibility, automation, and compliance adherence is highly recommended.
Building AML culture in financial institutions:
The workshop included a discussion on building an AML culture within financial institutions, promoting continuous training, and integrating compliance into business strategy. Participants were encouraged to collaborate with regulators, industry peers, and vendors to stay ahead of emerging trends and challenges in AML compliance.
The virtual workshop was well attended, with participants from 8 countries and 13 institutions, including banks, financial services, insurance companies, banking associations, technology providers, asset management companies, money changer firms and consultancy firms. All participants received a Fintelekt-ABA Certificate of Completion for attending the virtual workshop.