WASHINGTON, May 7, 2013 /PRNewswire/ -- Regulators and prosecutors are stepping up enforcement of AML laws at a time when financial institutions are having a hard time finding and hiring qualified and experienced analysts and investigators. As AML compliance risk increases the essential way to mitigate risk – hiring strong people – is becoming more difficult. The Dominion Advisory Group is helping clients deal with this challenge.
Traditional staffing agencies rarely provide temporary personnel with true AML investigation and analysis experience. Large consulting firms often charge rates out of reach of many bank's budgets.
Dominion's experienced analysts and investigators have resolved hundreds of thousands of transaction monitoring alerts and investigations and prepared tens of thousands of Suspicious Activity Reports.
It may be an unexpected surge in alerts and cases, key personnel leaving, or an upcoming examination or special project that generates more work then the existing staff can handle. Dominion's investigators will step into a financial institution for a few days, weeks, or months to ensure alerts, cases, and SARs are completed properly, filed on time, and at a cost less than hiring new full time staff.According to David Caruso, Dominion's CEO, there is no greater AML compliance risk than having transaction monitoring alerts go unresolved and SAR investigations languish because banks don't have the number of skilled investigators to complete them. "Look at every major enforcement action over the last decade, including the most recent actions and what you will see at the heart of them were institutions struggling to keep up with monitoring alerts and SAR investigations." Caruso added, "Dominion has a unique perspective. We've helped dozens of institutions address investigation problems discovered by regulators. Operating in such high pressure environments makes our people perfectly equipped to assist financial institutions of all sizes deal with challenges they face keeping up with growing alert workloads before they become a problem with regulators."