The pressure on financial services organizations of all sizes to comply with federal Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations is steadily increasing. Banks and investment firms are facing stiff regulatory fines, civil penalties, and industry disbarment for compliance violations.
Industry observers point out that many cases resulting in enforcement action follow a common pattern. Often, the entities found in violation neglected to file Suspicious Activity Reports (SARs) about suspicious transactions.
Then, to make matters worse, during a subsequent investigation they also “failed to promptly produce certain documents” as requested by investigators (PDF).
Online Research as BSA/AML Compliance Bottleneck
Research indicates a direct correlation between the negligence of affected financial institutions to sufficiently investigate, report and document suspicious transactions, and the lack of a compliance-friendly and compliance-ready browsing environment at the disposal of their BSA/AML specialists. Check out the Authentic8 white paper Secure AML Research: Cracking the Efficiency Code (PDF) on this problem and how financial firms are