An essential element in any BSA/AML program taking a ‘risk based approach’ is understanding the risk each customer represents to the institution.  Because customer activities and patterns of doing business with the institution can change over time it is also essential that customer risk profiling is embraced as an ongoing process as opposed to an event that takes place annually or just once at customer on-boarding.

While it might be near impossible for an institution to look at each customer individually to determine the associated risk it is possible to use technology to rapidly risk assess each customer against customized parameters and algorithms, this is the approach used by AML RightSource (AMLRS).

In short, AMLRS is able to help its customers understand customer risk in a way that is painless for the bank, meets regulatory expectations, and is beneficial to a risk based approach to the BSA/AML program.

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