Published on May 1, 2010
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Credit unions should consider consolidating their AML and other compliance efforts with their anti-fraud measures, rather than relying on separate alerts and reports. Increased efficiencies, reduced costs and improved enterprise risk management are the end result of a well executed consolidation strategy.
Credit unions interested in a consolidated approach need to be prepared for two primary obstacles:
Overcoming these challenges will require credit unions to move away from maintaining separate autonomous programs and unite their fraud and AML strategies at the organizational level. Fortunately, credit unions can now look to consolidated solutions built on second-generation (behavior-based) technology to address these challenges. Second-generation technology allows for far more than just the automation of core banking system-type reports delivered by first-generation technology. It helps credit unions move beyond a decentralized, siloed approach to AML and fraud, and consolidate efforts by leveraging investments across fraud, AML and other related compliance functions.