Anti-Money-Laundering Risk Rating That Drives Revenue

The cost of regulatory compliance has long been a major concern for the banking industry and that concern has grown even more pronounced in recent years, with amendments to the Bank Secrecy Act of 1970 ("BSA")1 and expanded anti-moneylaundering ("AML") requirements. Compliance with AML regulations is not an option, of course. It is an unavoidable requirement of doing business, and, as a result, most banking organizations have made significant investments in AML compliance. The critical issue now is how to ensure that these investments produce a positive return. By taking a broader view that looks beyond mere compliance alone, organizations can achieve more, giving customer-facing personnel the information, tools and guidance they need to more effectively sell the bank's products and services. The result is an opportunity not only to achieve regulatory compliance but also to improve revenue generation and enhance customer service. It may take some additional time and effort to develop these systems. But in the end they add value-not just cost-to the organization.