CaseWare Analytics releases ‘Essential components of an AML program for MSBs’ white paper

Ottawa, ON - 24 November 2017

CaseWare Analytics, the developer of software solutions for financial crime management, compliance and audit professionals, announces the release of its white paper, ‘Essential components of an AML program for MSBs’. Developed specifically for money services businesses (MSBs), this white paper offers these organizations current and relevant information and methods to help overcome their anti-money laundering (AML) challenges and build an effective AML compliance program that is supported by advanced analytics.

Money services businesses and FinTech companies that are disrupting traditional banking services with new payment methods are facing increasing scrutiny from regulators that had previously focused their attentions on banks and other large financial institutions. Given the ease with which people can move large sums of money using the services of an MSB, regulators suspect that they are being used to commit crimes and are taking steps to motivate MSBs to implement strong and effective AML compliance programs. These steps to date have included heavy fines and penalties, both against these organizations as a whole as well as against individual compliance officers found to have violated the requirement to implement and maintain an effective AML program.

For MSBs, keeping up with a dynamic landscape, changing regulations, regulatory reporting requirements and staffing needs is difficult. CaseWare Analytics developed the ‘Essential components of an AML program for MSBs’ white paper to help MSBs identify and overcome obstacles to creating an effective AML compliance program. The white paper discusses the unique challenges encountered by MSBs in their compliance programs, including training an often cyclical staff whose main responsibilities do not include completing regulatory reports; data quality issues that arise given the identity verification process required to access an MSB’s services; and the risks of having relationships with larger financial institutions severed as part of their attempts to de-risk.

To address these challenges, the white paper clearly outlines the key objectives and building blocks of an MSB’s AML compliance program and how to integrate these various components to protect the organization from high-risk customers and transactions. Information covered includes guidance on governance, employee training, risk management, compliance technology (including advanced analytics), relevant scenarios MSBs must monitor for—such as location jumping, smurfing and elder exploitation and more.

To download a copy of the ‘Essential components of an AML program for MSBs’, visit

CaseWare Analytics offers software solutions that enable audit, compliance and finance professionals to assess risk, uncover trends, identify issues and provide the intelligence needed to make informed decisions, ensure compliance and improve business processes. Our financial crime management solutions are used in more than 20 countries by banking, insurance, FinTech, gaming, manufacturing, retail companies to identify high-risk entities and suspicious activities early, investigate and resolve alerts, and comply with regulations—all to make fraud prevention and compliance part of day-to-day operations.

CaseWare Analytics is a division of CaseWare International, a group of technology companies with software deployed in over 100 countries with more than 450,000 users.

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