AML on AWS: Breaking Through the Compliance “Cloud Ceiling”

I predicted last year that in 2017 financial crime compliance would break through the “cloud ceiling,” and we are certainly seeing more and more organizations deploying AML and KYC technology in the cloud. This is why it’s important that the FICO^® TONBELLER^® Siron^® Anti-Financial Crime Solutions has just achieved Amazon Web Services (AWS) Financial Services Competency status.

What does this mean for our customers? It means that their compliance program will be:

Faster

• Customers can deploy our AML and KYC solutions faster, and realize faster time to value. Using our predefined procedures, an AWS tenant setup can be executed within hours.
• Users can scale faster, as they do not need to add new hardware.

Cheaper

• A financial institution’s IT team only needs to manage data delivery, not installation.
• Upgrades of the environment (e.g., OS, DBMS and Webserver) will automatically be performed by FICO and AWS.
• New versions of the Siron software will automatically be deployed, without management by the user’s IT team.

Better

• Using the certified and secure AWS mechanisms guarantees the privacy and confidentiality of the data.
• Best practice detection scenarios will be deployed.
• Users get guaranteed SLA and availability.
• New threats will cause new detection scenarios, and these can be installed remotely.

There are other benefits we believe we can bring to our customers in the future from our AWS implementations in the cloud. But faster, cheaper and better is a good start!

Read more about our anti-financial crime solutions.