FREQUENTLY ASKED QUESTIONS

What qualifies AML RightSource to handle our BSA/AML Transaction Monitoring?

AML RightSource is the pioneer and leading provider of outsourced BSA/AML Transaction Monitoring Services. Since 2005, we have provided financial institutions with an alternative Transaction Monitoring solution that combines the people, technology and processes to effectively monitor customer activity. Many of our analysts, team leaders and senior compliance analysts are CAMS certified and come from various backgrounds and experience. The majority of our staff have years of banking experience or hold degrees in relevant areas of study, such as criminal justice, accounting and finance.

How secure is my banks’ data?

The customer data AML RightSource collects is stored in an award winning and SSAE 16/SOC 2 compliant data center, BlueBridge Networks, located in Cleveland, Ohio.  AML RightSource is also a SSAE 16/SOC 2 compliant organization and we take the security of your data and your customer’s data very seriously.  AML RightSource also conducts full background checks of all employees prior to hire and repeats these checks on a periodic basis.

How does AML RightSource communicate with its customers?

In many instances we communicate daily with our customers.  Other customers prefer a weekly or monthly conversation.  In all cases, AML RightSource communicates in a manner that meets our customer’s needs.  We provide monthly status reports to our clients to further assist and enhance the communication between the institution’s BSA compliance officer and board of directors or management. 

What will my regulator think of outsourcing BSA/AML transaction monitoring?

We have had the opportunity to interact with many Regulators.  While Regulators typically do not endorse service providers, those who have seen our service in action have provided positive feedback in their review of our bank client.  AML RightSource has been complimented on our quality of work and received positive feedback from Regulators.  In instances where a Regulator is not familiar with our service, we put them in contact with a financial institution who has utilized AML RightSource.  This aides the unfamiliar Regulator in gaining feedback and perspective on how our service works and has strengthened our bank client’s BSA/AML program.

Will AML RightSource outsource their compliance efforts off shore?

Absolutely not!  All aspects of AML RightSource are located within the United States.  Our headquarters, data center and analysts are located in Cleveland, Ohio.  All customer service is handled by our in-house team of professionals.

Will my institution be assigned our own BSA analyst?

Each client is assigned a team leader and group of analysts dedicated to their account.  Staff is predicated based on the institution’s account size and transaction monitoring needs.  All BSA/AML Transaction Monitoring work is overseen by AML RightSource’s senior compliance analysts who have many years of banking experience. 

Does AML RightSource replace my BSA officer?

AML RightSource does not replace your BSA officer.  Our team works in partnership with your BSA officer and serves as an extension of your compliance department.  Your institution’s BSA officer is still the person responsible for implementing and managing the compliance program, identifying the necessary resources to execute the program, overseeing employee training, and maintaining your institution’s policies and procedures.  

If you still have questions or would like additional information, please visit our contact page.