AML Software | ProcessGene

Solution & Benefits

ProcessGene™ AML Software – Introduction

The ProcessGene™ GRC software suite provides a complete solution for AML compliance. The AML software is implemented within days, immediately creating compliance visibility and centralized control.

The AML software establishes an automated workflow that reduces the time and cost of compliance enforcement and eliminates manual labor, maintenance of multiple excel spreadsheets, etc. ProcessGene™’s AML software is designed for multi-subsidiary organizations, based on our Multi-Org technology.

ProcessGene is acknowledged worldwide as a leading provider of Business Process Management (BPM) software solutions (see Gartner’s report on ProcessGene).

AML Compliance in a Changing Business Environment

In today’s highly regulated environment, enterprises are increasingly strained by regulatory compliance concerns, while at the same time having to promote the ongoing conduct of business. Executive officers are specifically required to demonstrate capabilities for effective regulatory compliance, and to ensure corporate transparency and visibility into the business.

ProcessGene™ GRC software provides a complete solution for AML compliance. The AML software is implemented within days, and uses automation to reduce the time and cost of compliance enforcement.

Compliance Challenge

The Anti Money Laundering regulation (also known as “AML”, “AML under the Patriot Act”) was introduced 2001 by the US Senate, and has been continually maintained and updated to reflect the dynamic changes in business environment. The Anti Money Laundering regulation is aimed at strengthen measures to prevent, detect, and prosecute international money laundering and the financing of terrorism. These efforts include anti-money laundering (AML) tools that impact the banking, financial, and investment communities. As a result of the Patriot Act, certain private individuals, banks, and financial institutions are required establishing AML programs, reporting suspicious activity, verifying the identity of customers, and applying enhanced due diligence to certain types of accounts involving funds transfers by foreign persons. An AML Program must be in writing and must include: development of internal policies, procedures, and controls; designation of a compliance officer; an ongoing employee training program; and an independent audit function to test programs. AML applies to all financial institutions as defined by the US BSA (Bank Secrecy Act).

Noncompliance of AML requirements may result in monetary penalties and regulatory enforcement actions that can affect capital and earnings. Banks may also be criminally prosecuted for willful violations of money laundering, which could ultimately lead to termination of FDIC deposit insurance.

Ensuring compliance with the AML regulation is an important organizational task, which requires ongoing management of compliance data. The compliance process is continuous and needs to be repeated periodically and closely monitored. Managing officers are personally responsible to maintain the AML compliance, and this responsibility requires significant management attention and allocation of time and effort. Beyond self assessments or assessments of compensated third parties (such as accounting auditors or regulation consultants), the organization may also confront other external audits, such as US Secretary of the Treasury or the Financial Crimes Enforcement Network (FinCEN), that show little if any tolerance to deficiencies. The ProcessGene credo in this matter is that objective compliance data, maintained by the organization itself, has much higher value than opinions of compensated third parties. We also believe that only an ongoing, continuous process can ensure actual compliance and audit clearance.

Compliance Challenge for Multi-Subsidiary Organizations

Multi-subsidiary organizations are confronting even more complex compliance challenges, due to differences between the business processes and operational characteristics of subsidiaries. Hence, the management and communication of AML compliance in a multi-subsidiary environment becomes an extremely complex task when managed manually or by tools that are not specifically designed for Multi-Org operations.

AML Compliance with the ProcessGene™ GRC Software Suite: Solution & Benefits

ProcessGene™ GRC software provides a complete solution for AML compliance. Our Multi-Org software solution automates the AML compliance lifecycle and offers the following benefits:

Very fast implementation, the AML software is up and running within days
The AML software is based on Multi-Org technology, designed for AML compliance in multi-subsidiary organizations
The AML software features full automation of the AML compliance process using the ProcessGene™ BPM workflow engine, making it the most powerful system in the industry – yet the most intuitive and user friendly
The AML software features central cockpit with dashboards for data analysis and diagnostics- showing quantitative AML compliance fulfillment levels
The AML software features easy and fast access to objective evidence used for external audits
The AML software features direct connectivity to ERP systems (e.g. SAP / Oracle) and ability to extract and process data in real time, and run automated tests
The AML software covers not only AML compliance but also hundreds of other regulations and frameworks – all within the same framework
The most seasoned and comprehensive SaaS (Software as a Service) solution in the GRC domain (see Gartner’s report on ProcessGene)
The AML software improves the quality of AML internal audits and self-assessments
Ongoing audit process for filing: Currency Transaction Report (CTR) Reports, International Transportation of Currency or Monetary Instruments Reports (CMIR), and Foreign Bank and Financial Accounts (FBAR) Reports
Monitoring identification of suspicious transactions and filing a Suspicious Activity (SAR) Report

ProcessGene™ “Multi-Org” Technology

ProcessGene™ has been a pioneer and global leader in Multi-Org technology. During the past decade we have mastered a unique expertise in providing software solutions to multi-subsidiary organizations worldwide (see Gartner’s report on ProcessGene). Our AML compliance software has been specifically designed for multi-subsidiary organizations and it features the most comprehensive solution for complex, distributed compliance challenges. Read more about ProcessGene Multi-Org technology.