services

AML as a Service

Overview

Financial institutions of all kinds and sizes are increasingly in a position where their existing Bank Secrecy Act(BSA)/Anti Money Laundering(AML)/Combating the Financing of Terrorism(CFT) programs and technology are no longer capable of supporting their business. They need an affordable world-class solution that focuses on enabling analysts and investigators to be more efficient with their review of alerts and ensuing investigations.

“Around $800 billion to $2 trillion are laundered every year. Unfortunately, about 90% of this amount remains undetected today”

-United Nations

Zencos AML as a Service

AML solutions have a reputation for being big, hard to implement and very expensive to acquire and maintain. Yet, financial institutions worldwide of all size are required to meet the same, or similar, regulatory requirements – a one size fits all mentality that doesn’t work.

The Zencos AMLaaS was designed to overcome the major barriers to having an industry leading AML solution.

The solution helps you meet the current regulatory requirements and provides a framework for constant updates. Regulatory requirements aren't static and your regulatory solution shouldn't be either.

The solution provides all clients with the same advanced data management tools and advanced analytics that historically were only available and affordable by the largest banks.

The solution is designed to cut implementation time and cost, so financial institutions get quicker value from their investment.

How has Zencos accomplished all this?

Automation

Automation of business and technical processes is a fundamental component of the solution. This allows clients to gain faster access to their data and therefore, quicker results. As a result, certain tasks can be done quicker and with fewer errors. This allows your staff to focus their time on other high priority-tasks that require human intervention.

Pre-built components

The Zencos design and delivery teams firmly believe that you should never reinvent the wheel. When the solution to a business or technical requirement is repeatable, it is turned into a pre-built component and becomes part of the solution. Examples of pre-built components are:

  • packaged data management routines
  • an enhanced data model
  • analytical models
  • fraud scenarios
  • API integrations with multiple 3rd party platforms

Hosted and Managed Service

Historically, on-premise AML solutions were the only accepted way. With the trend of AML solutions moving to the cloud, certain barriers to success have been removed. The financial institution can now focus on high-value tasks while leaving things like 24/7 support of the infrastructure and the solution to Zencos.

Tiered and Flexible Fees

AML solutions have historically been big, rigid, time-consuming, and expensive to implement. For many, major solutions were outside of their budget.

The Zencos AML as a Service solution offers simple, flexible and tiered pricing. Pricing is split into two pieces.

A one-time Enablement fee.

This fee is for initial system configuration, data loads and other in-scope solution tasks. The Enablement fee will vary by customer depending on customer size and level of effort.

A flat monthly subscription fee.

This fee covers all your hosting expenses, solution software, and solution support costs.

The Monthly Subscription fee is based on a combination of client asset size, number of active customers, and monthly transactions. 

What’s included in the Solution?

The Zencos AML as a Service solution includes the following capabilities to help organizations meet their AML regulatory requirements: 

  • Standardized delivery process 
  • Transaction monitoring with more than 60 pre-built scenarios along with alert, triage, and related workflow for case creation and investigations
  • Sanctions screening for customers and associates on known watch lists 
  • Customer due diligence (CDD) - Customer Risk Ranking (CRR) and Enhanced Due Diligence (EDD)
  • Automated pre-population and electronic filing of regulatory reports (such as US SAR/CTR, Australian SMR/TTR, Canada STR/CTR)
  • Customer-focused and investigator-focused dashboards to provide deeper investigation and analysis 

Why work with zencos?

Zencos is a proven global leader in the financial crimes and financial technology consulting space. Over the past two decades, our CAMS and CFE certified industry professionals have successfully completed AML compliance and fraud projects in the Americas and Australia. Zencos team members integrate their skills in open-source, cloud computing, and SAS AML technologies to deliver an industry-leading AMLaaS Solution. The Zencos Way is to exceed client expectations with our ironclad work ethic, passion for success, on-time delivery of quality work, team players, love of problem-solving, strong communications, and skills far above industry standards.

get in touch

Greg Rogers, Director of Business Development: 919.459.4600 grogers@zencos.com