Changing AML Providers? Make Sure These Essentials Are On Your Check List


Changing AML providers might seem like a daunting prospect and it may even seem easier just to stick with what you know, however sometimes making the change is essential for accurate compliance delivery and success.

If this is the case, take the leap and you’ll find that with the right provider the daunting prospect of migration can be made easier, and even be done while you and your team keep your business moving as normal, and without impacting your delivery.

So, whether you need to change providers or are considering outsourcing for the first time take a look at what to consider when making that move.

1. Confirm you'll receive hassle-free migration of data

Sounds almost unbelievable but yes migrating to a new provider should be hassle-free. And with the right provider this is possible.

Before making the move ensure your proposed new provider can facilitate a smooth migration including the transfer of data, and that all your customers information is available at all times during the process. All of your records should be safely moved to one secure location.

Transaction monitoring is a critical element of an effective AML compliance programme even if it sometimes feels like a complex and time-consuming process. It’s a necessary step in preventing money laundering, and by taking the time to monitor transactions closely, you can help keep you customers and businesses safe from criminal activity and potential hefty regulator fines.

2. Check you'll be well set up for success

Don’t become a victim of ‘drop and set’. Migrating data safely and securely is one important factor when changing providers but also remember to check that your new provider will be facilitating training for you and your team and that everybody has been given the tools and skills to use the new system from day one.

3. Ensure they are experts you can rely on

Does your new partner have the right expertise to provide you with valuable compliance help? Expert providers will be able to help you tidy up your records as a part of the onboarding process and also update your due diligence where necessary as records are transferred. This would include items such as screening your customer base to flag any changes in beneficial ownership, politically exposed persons or sanctioned entities.

Getting the right expertise means your migration project is managed from end-to-end, and provides more value than just the movement of data.

4. Choose an AML provider for the long haul

Look for a partner who will be there for the long-haul. Ensure they are not just there to dump data into a portal and call it a day. Make sure they have migrated data so it is easily accessible, available, and makes “sense” – not just to you, but also to your auditor.

Choose a provider who truly understands the requirements of a robust AML programme, that builds solutions alongside your changing needs and provides a continuity of service you can rely on.

5. Get more than just a system

Many companies can offer a system to enter information, view, and store your data, but most entities would benefit from more than that. Check how else providers can improve the AML compliance experience for both you and your client. Can your provider tailor solutions to fit your business? Can forms be white labelled to reflect your brand and be amended to suit your products and services, as well as the clients you work with? Is the screening data used reliable and up-to-date? If it isn’t breaches can occur and result in lengthy remediation or fines.

AML compliance is not going away anytime soon and meeting regulations can be more difficult at certain times. Tricky cases requiring support or expertise, busy workloads and audits can all pile on the pressure, so check your provider can be flexible – providing extra support when you might need it, but not locking you into payments for times when you don’t.

Scope out our services

At tic company we believe the above are essential elements to having a successful migration which also provides quality of service and expertise. It’s expertise we’ve been providing since before Phase Two entities were captured in New Zealand, and continue to do with continual refinement of our tools and processes. But don’t just take our word for it. Take a look at what some of our clients say about their experiences with tic, or view what we offer when you switch to us.

What some of our clients say

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