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Compliance with Anti-Money Laundering (AML) regulations, specifically, the USA PATRIOT Act of 2001 and similar regulations in other countries, remains a high priority on banks' agendas. As of today, most banks have implemented certain business process changes and the corresponding changes to the IT systems to address AML compliance, particularly in the area of customer identification. In many cases, however, those AML implementations are incomplete, semi-automated and inefficient, being put together under a pressure to meet the rigid government-set deadlines.

The customer relationship information - including customer, account and transaction data - is typically scattered across multiple product-centric back-office systems (BOSs, a.k.a. Systems of Record). Even with the right analytical and data mining tools in place, a bank cannot efficiently analyze its new and historical customer, account and transaction data across all product types and channels for suspicious patterns without "tying into" the numerous systems of record - and this is a true challenge for most banks. The AML data mining tools on their own are only the tip of the iceberg: a complete and efficient AML solution requires a solid data integration foundation.

Avantek's Banking Services Integration (BSI) solution, Avanta Banking Services Hub, consolidates the data from the bank's existing siloed product-centric back-office systems into a comprehensive, consistent and authoritative database of customers, accounts and transactions. Once implemented, Avanta Banking Services Hub provides the required data integration foundation for AML solutions, allowing to consistently and timely identify suspicious activity patterns across all bank products, services and customer touch points.

Read more about Avantek's offering for AML Compliance >