AML, KYC, and BSA compliance solutions provider AML RightSource has launched support for transaction monitoring system (TMS) selection and implementation. AML RightSource has expanded its Financial Crimes Advisory (FCA) services to financial institutions (FIs) with expert support for TMS, with the new offering complementing its capabilities that help clients validate and optimise existing tech investments to improve compliance programmes.

AML RightSource’s support for TMS selection and integration As an increasing number of FIs are looking to replace or upgrade their TMS because of outdated technology or inadequate capabilities, AML RightSource’s FCA team provides expertise to assist both with the selection and implementation of solutions optimal for the specific needs and compliance operation of each client. AML RightSource provides end-to-end support that includes identifying client requirements, RFPs’ development, consultation on the selection of TMS vendors, vendor correspondence, contract negotiation, and leading the implementation process. With a sole focus on financial crime compliance challenges, AML RightSource provides consulting services, and advanced tech, and works with AML compliance teams worldwide, with this concentration and scale enabling unique insights into how compliance teams optimise their TMS and how transaction monitoring is evolving to offer improved performance.

When selecting and implementing a new TMS, the AML RightSource FCA team helps clients to: Decide the needed criteria for the new TMS – pricing model, reporting capabilities, integration with other data software, customer segmentation capabilities, workflow customisation, scalability, and overall responsiveness. Recommend a TMS that offers accurate data, less wasted resources, automated reports useful for clients’ businesses, and reduced false positives. Develop a model governance framework that meets objectives and provides evidential documentation prior to implementation, considered vital for ongoing use and preparation for audits and exams. Coordinate a phased TMS implementation that is rolled out gradually or to a targeted subset of initial users, enabling issues to be identified and resolved without disruption. Assess thresholds and create rules based on customer behaviour, profiles, and risk scores. Train analysts and investigators to have an extensive TMS understanding. When commenting on the announcement, AML RightSource officials advised that most compliance leaders handle a TMS change only once, yet a successful compliance software change is possible with appropriate planning and knowledgeable resources. AML RightSource seeks to assist clients with doing so, offering subject matter expertise, established vendor relationships, and in-depth tech knowledge.

Per their statement, this is believed to help bridge the gap between business goals and vendor requirements, resulting in successful implementations. AML RightSource’s mission and offering Tech-enabled managed services firm AML RightSource focuses on fighting financial crime for clients worldwide, providing custom solutions to FIs, fintechs, money service businesses, and corporations. The company assists clients with their AML/BSA, transaction monitoring, client onboarding (KYC), enhanced due diligence (EDD), and risk management needs.

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