Transformation & implementation

We have executed several large-scale AML transformations and implementations in the past. While most ended up successful, many mistakes were made along the way. We have since learned what works and what doesn’t, which I strongly believe is one of our core strengths.

Systems Selection

Selecting the right AML platform is critical for banks and financial services companies of all sizes. At Frank Penny, we assist in analyzing and choosing the most suitable systems for transaction monitoring, customer risk rating, and various KYC processes (CDD/ODD/EDD). Leveraging our extensive hands-on experience with a wide range of vendors in the Nordics, we provide insightful guidance in evaluating different systems and advise on areas where internal development might be more beneficial.

Systems Implementation

Effective systems implementation in AML requires a blend of IT and AML expertise. From our experience, a common pitfall is thinking of systems implementations as purely IT-driven. It is, in fact, the ability to truly understand the needs of an AML organization that is key for successful system implementations. Our team has implemented several AML-systems in the past and have the right experience to help you and your team get things right from the start.

Process Optimization

KYC-processes are known for being slow and manual, draining both resources and organizational motivation. We have seen how efficiency can increase drastically with relatively modest measures. We know where small measures result in maximum increase efficiency and where you are better of sticking with manual process to ensure compliance. Our goal is to free your team from tedious, repetitive tasks, enabling them to focus more on specialized, high-value activities.

Systems Migration

To migrate from one AML system to another is often described by the vendor to be a simple task. It never is. The devil is, as always, in the details. This can be everything from the file structure of input data to how transaction monitoring models operate or how the screening works. With our extensive experience across various AML systems in the Nordic market, we are well-equipped to navigate these complexities. Through know-how from hands-on experience, we can help you succeed.

AML Project Management

Managing AML projects requires a specialized approach that bridges the gap between IT and AML. At Frank Penny, our project managers are not generalists but specialists who operate exclusively at this intersection. We ensure that AML considerations, personnel, and end-user needs are at the forefront of each project, avoiding the common pitfall of an overly IT-centric focus.

Transformation & implementation

Case Study

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