Financial Institutions
Banks, Broker Dealers, Insurance Carriers, Money Service Businesses
AML Business Process Optimization
AML is an operation with many moving parts dependent on one another for proper compliance. Risk assessments identify risky products and customers, which in turn should determine how monitoring systems are calibrated. Monitoring systems than produce alerts to be researched, investigated and where necessary SARs filed. Results from these processes determine training and staffing priorities and may dictate needed policy changes or procedure enhancements. If any of these parts is not working effectively, all AML compliance is in jeopardy and even if compliance is attained, is it done so with limited burden and costs to the institution? Dominion's leadership and staff come from those operations and thus bring unmatched insight and experience to AML business processes. We can make your program stronger, more effective, and reduce costs.
AML Risk Assessments and Program Reviews
A comprehensive effort to identify and quantify an institution's unique AML risks is the foundation of a compliance program. Without understanding the risks of each product, service, customer type and operating location of your institution and your counterparties it impossible to design effective controls. An assessment that truly identifies AML risk must be completed by a group that has a deep understanding of money laundering, terrorist financing, financial crime, as well as banking operations, products, services, and customer behavior. Dominion brings that experience and it shows in the assessments and reviews we deliver.
Transaction Monitoring Optimization
Monitoring systems are a vital part of AML compliance but unfortunately many don't work as planned. Hundreds or perhaps thousands of low value alerts bog down staff each month and detract from more important work. We focus on determining which monitoring tools and processes are most effective at discovering suspicious activity. We assist clients in doing away with systems, rules, and scenarios that don't work and optimizing workflow or case management systems to ensure efficient and timely resolution of alerts.
Suspicious Activity Detection, Investigation and Reporting
Not fully and properly reporting suspicious activity is the most serious AML compliance failure and the reason enforcement actions are issued. Our expertise is in assisting institutions address this problem. We have developed and implemented successful AML investigation programs for some of the largest banks in the country. The programs we've helped banks implement have passed the most rigorous of regulatory reviews and are regarded as the best of their kind. In addition, we provide solutions that optimize staffing, make the most of institution's software investments, and are sustainable, all with a focus on minimizing annual AML expenses.
Enhanced Due Diligence and High Risk Customer Management
An AML program cannot be compliant without a strong program that identifies high-risk customers and performs on-going enhanced due diligence. Dominion has successfully implemented customer risk rating and enhanced due diligence systems at numerous mid size and large financial institutions. Our EDD systems are tied to our client's transaction monitoring and suspicious activity identification programs to ensure a true end-to-end solution.
Anti-Money Laundering and Financial Crimes Investigations
The unfortunate reality of today's market conditions is that institution are reducing staff and not filling open positions. In the short run this will save money and improve a company's bottom line. But soon, these decisions will impact the ability of an AML unit to resolve unfinished work, particularly suspicious activity detection and investigation work. Dominion's staff of highly trained analysts and investigators can be used to help clear out inventories and backlogs of alerts and investigations.
AML Training
Dominion has teamed with Wolters Kluwer Financial Services to develop the most innovative AML training in the market today. Called AML Virtuoso, the training simulates actually suspicious activity investigations and engaged the user in a real life environment. Gone are the days of boring classrooms, dull computer based training, and reading manuals. In addition, its costs are substantially less than the AML training on the market today. Click here and discover the best way to train AML professionals.
Confidence
White Papers
- White Paper: Finding the Right AML Investigators
- White Paper: What Happened at Riggs
- White Paper: The Overlooked Key to Successful Transaction Monitoring
Quick Links