The AML software selection process is a critical decision. Implementing suitable AML software facilitates automating repetitive and manual compliance tasks such as sanctions screening or customer due diligence in your day-to-day business.
Businesses in the UK are required to comply with AML, CTF, and CPF regulations, and to do so; they are required to implement an adequate AML compliance framework for their business processes, create an AML compliance department, perform Firm-Wide Risk Assessment (FWRA), carry out customer due diligence, conduct sanctions screening, monitor transactions, submit SAR, and maintain records. These AML compliance requirements can be executed better using AML software solutions.
We help you with selecting the risk software for your risk assessment, ID verification, name screening, case management, KYC, CDD, regulatory reporting, records management, and also with its effective implementation.
The first stage, is a deep dive into discovering and understanding your business needs, and current, if any, AML processes.
We then document the requirements that your business will require from an external vendor. This ensures that all your requirements are captured, and that your needs are met.
A full Request for Proposal (RFP) document is built, and sent to vendors who have the experience in providing software that meets your firms requirements, asking them to participate in the procurement process.
RFP responses are reviewed, and vendors who meet the requirements defined in the RFP will be invited to demonstrate their solutions.
All vendor responses and presentations are reviewed, and scored. Based on this, a vendor recommendation is made.
We facilitate negotiations between you and the chosen software vendor, and assist in the final contract negotiations, before delivery of the chosen solution by the successful vendor.
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