Does anyone here work in the banking industry? I'm looking for Anti-Money Laundering Compliance software

dave247

I wanted to see if anyone else here works in banking and if you have any input on BSA/AML solutions. I'm looking to explore other options as our current software is poorly maintained and quite expensive.

DustinB3403

@dave247 said in Does anyone here work in the banking industry? I'm looking for Anti-Money Laundering Compliance software:

I wanted to see if anyone else here works in banking and if you have any input on BSA/AML solutions. I'm looking to explore other options as our current software is ~~poorly maintained and quite expensive~~ extremely profitable for the asshats who make/sell it.

FTFY.

scottalanmiller

Work in, yes. But haven't had to deal with that issue (yet).

dave247

@DustinB3403 said in Does anyone here work in the banking industry? I'm looking for Anti-Money Laundering Compliance software:

@dave247 said in Does anyone here work in the banking industry? I'm looking for Anti-Money Laundering Compliance software:

I wanted to see if anyone else here works in banking and if you have any input on BSA/AML solutions. I'm looking to explore other options as our current software is ~~poorly maintained and quite expensive~~ extremely profitable for the asshats who make/sell it.

FTFY.

Yes yes, that goes without saying. I freaking hate that aspect of all this...

dave247

I also asked on reddit and got this amazing response:

"Someone in your position isn't to be looking for software for that purpose. It's not a job for discrete software, for one thing.

Also, "industry vertical" software is niche, low-volume, and typically poor quality. When buying off the shelf, you're rather likely to have as many problems with a new package as you did with the old one, unless you're extremely thorough in your evaluation."

I know they are correct so I may just forget about it..

DustinB3403

@dave247 said in Does anyone here work in the banking industry? I'm looking for Anti-Money Laundering Compliance software:

I also asked on reddit and got this amazing response:

"Someone in your position isn't to be looking for software for that purpose. It's not a job for discrete software, for one thing.

Also, "industry vertical" software is niche, low-volume, and typically poor quality. When buying off the shelf, you're rather likely to have as many problems with a new package as you did with the old one, unless you're extremely thorough in your evaluation."

I know they are correct so I may just forget about it..

That response isn't unrealistic. You're looking for software, that very few companies in the world are producing. So finding something that is "off the shelf acceptable" is going to be damn near impossible.

Whereas building your own (or more realistically paying someone to build it exactly how you want it) would be better, but still really expensive, like 3-6 times as much as purchasing something that exists today, but sucks because of <reasons>.

dave247

@DustinB3403 said in Does anyone here work in the banking industry? I'm looking for Anti-Money Laundering Compliance software:

@dave247 said in Does anyone here work in the banking industry? I'm looking for Anti-Money Laundering Compliance software:

I also asked on reddit and got this amazing response:

"Someone in your position isn't to be looking for software for that purpose. It's not a job for discrete software, for one thing.

Also, "industry vertical" software is niche, low-volume, and typically poor quality. When buying off the shelf, you're rather likely to have as many problems with a new package as you did with the old one, unless you're extremely thorough in your evaluation."

I know they are correct so I may just forget about it..

That response isn't unrealistic. You're looking for software, that very few companies in the world are producing. So finding something that is "off the shelf acceptable" is going to be damn near impossible.

Whereas building your own (or more realistically paying someone to build it exactly how you want it) would be better, but still really expensive, like 3-6 times as much as purchasing something that exists today, but sucks because of <reasons>.

I wasn't being sarcastic. I agreed with that person 100%. Though on the other hand, it looks like there are several options out there (ours is on this list): https://www.capterra.com/aml-software/

DustinB3403

@dave247 I wasn't attacking you or thinking you were being sarcastic. Just providing some more context.

At an old job I worked at we had a software called JobBOSS, and while the OOB worked for a large portion of businesses we spent over $130K customizing it for the way our business needed to operate.

That didn't include all of my time, creating reports that were required for the day to day operations.

dave247

@DustinB3403 said in Does anyone here work in the banking industry? I'm looking for Anti-Money Laundering Compliance software:

@dave247 I wasn't attacking you or thinking you were being sarcastic. Just providing some more context.

At an old job I worked at we had a software called JobBOSS, and while the OOB worked for a large portion of businesses we spent over $130K customizing it for the way our business needed to operate.

That didn't include all of my time, creating reports that were required for the day to day operations.

No worries. I didn't mean to come off defensive either. Thanks for the input!