Fintelekt Advisory Services and the Asian Bankers Association (ABA) organised their second joint virtual workshop for 2025 on “Choosing the Right AML Technology Provider: Key Success Factors” conducted on February 18, 2025.
The resource person for the workshop was Shailesh Verma, a seasoned banker with vast experience in financial crime compliance and anti-fraud domains.
Hosted by Arpita Bedekar, Chief Operating Officer, Fintelekt Advisory Services, the virtual workshop was well attended, with participants from 8 countries and 13 institutions, including banks, financial services, insurance companies, banking associations, technology providers, asset management companies, money changing firms and consultancy firms.
The workshop focused on the following key considerations for selecting an AML technology provider and optimizing compliance processes.
(1) Assessment of requirements:
Mr. Verma began the workshop by emphasizing that financial institutions must assess their regulatory requirements, existing software capabilities, and future compliance needs before choosing a provider. He highlighted the importance of gap analysis to understand regulatory expectations, internal processes, and operational challenges.
(2) Evolution of AML software:
Mr. Verma covered the evolution of AML software, from on-premises to cloud-based solutions, and the increasing role of AI and machine learning in automating compliance tasks. AI can enhance efficiency by reducing false positives, improving case management, and learning from past decisions to streamline investigations.
(3) Key factors in evaluating AML technology providers:
Mr. Verma outlined key factors in evaluating AML technology providers including:
- Total cost of ownership
- Integration capabilities with existing systems
- The ability to customize rules and workflows.
Mr. Verma recommended using a structured approach while evaluating AML technology providers, such as scoring potential vendors based on criteria like system flexibility, automation, and compliance adherence.
(4) Building AML culture in financial institutions:
The workshop included a discussion on building an AML culture within financial institutions, promoting continuous training, and integrating compliance into business strategy. Participants were encouraged to collaborate with regulators, industry peers, and vendors to stay ahead of emerging trends and challenges in AML compliance. The workshop ended with an interactive Q&A, where participants raised practical challenges relevant to their daily responsibilities.
All participants received a Fintelekt-ABA Certificate of Completion for attending the virtual workshop.
