ACAMS Today Magazine (Nov-Dec 2008) Vol. 7 No. 6 | Page 34

PRACTICAL SOLUTIONS Maximizing your BSA/AML application implementation O nce you select your vendor, you start a relationship that becomes one of the most important parts of your Bank Secrecy Act (BSA) compliance program. Aside from the policies and procedures set forth in your BSA/anti-money laundering (AML) manual, your vendor relationship becomes the most essential part of carrying out some, if not all, of your policies and procedures. Open lines of communication: Critical to success Communication is the key to unlocking the most out of this relationship. It is important that there is information sharing on both sides. Upon signing the contract with your AML vendor, a project manager from the vendor should be assigned to your institution. This person acts as the main point of contact. All communication should be reported to this individual to ensure that all information is captured throughout the project from the vendor’s point of view. This includes not only all communication, but also any issues throughout the life of the project. A project plan must be defined to implement the functionality needed. This project plan serves as a road map for the tasks needing completion to get your system up and running. While there will always be certain things that may impede your progress on the plan, try and stick to the tasks and dates listed by your vendor. First steps: Thorough information mapping The first task that usually requires completion is identifying the information that needs to travel into your BSA/AML application. At this point, you may need to engage your Information Technology staff in assisting you with identifying the fields that are needed to get the most out of your application. Information that is not mapped leads to missed functionality. It is important that you have all the information available in your BSA/AML application so that you can get all the functionality available from your vendor. 34 acams today | The core = indispensable data = cru