Large and small institutions face heightened scrutiny, and relying too heavily on rules-based software can hinder efforts to identify high-risk customers. Nancy O’Donnell, vice president of compliance and risk for Thomaston Savings Bank, a Connecticut-based community bank, says it took over a year to move from a manual to a more automated process. The software they eventually chose tracks anti-money laundering and fraud, which helped to consolidate two separate departments in the bank. “You don’t have to be logging in and out and going and checking in different places,” she says.”]
Source: https://www.bankinfosecurity.com/steps-to-improve-aml-compliance-a-4106