Small Business Financial Firms Are Targets Of Financial Crime

Contact SoftArt Solutions to assess your current system and discuss how to best invest in your financial institution’s compliance and cybersecurity needs. There is an increasing focus on financial crimes and the largest financial institutions have invested in anti-financial crime (AFC) programs.

However, SMB financial institutions and related industries, such as real estate, money remitters, and casinos struggle to meet compliance requirements due to budget constraints. It’s also typically a lower priority. Chris Zicker from SoftArt Solutions takes a look at the major vulnerabilities for small to midsize financial institutions.

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What Is “Executive Mindset”?

Many leaders think of compliance as an administrative burden. They may have an unclear understanding of the AML/CTF laws governing the industry. Progressive managers get that compliance is part of a continuous improvement mindset.

Plus, the hefty fines that occur with noncompliant processes should be enough to convince even the most carefree manager that it’s worthwhile to meet the regulatory requirements and protect the reputation of the business.

What Are The Business Relevant Laws Impacting Technology?

AML/CTF stands for Anti-Money Laundering and Counter-Terrorism Financing laws. It’s important to integrate these laws into every part of the infrastructure so that nothing falls between the cracks.

Working with a financial IT managed service provider, such as SoftArt Solutions, gives you the expertise you need to pass internal and external audits and protect your company’s financial data from cyber thieves. AML/CTF measures should be more than an audit exercise. Work with an experienced IT service provider that helps your firm stand up to public scrutiny.

Is Your Internal IT Team Stopping The Bad Guys Before They Get Into Your Network?

Cybersecurity policies and procedures shouldn’t just be something written in a document. With SoftArt Solutions, you receive alerts and reports detailing any attempts to infiltrate the firewall, email system, and end-point devices. Is your in-house team or vendor doing that for you?

A lack of due diligence when onboarding new clients and a fragmented onboarding process makes it easy for imposters to gain a foothold in your network. Effective anti-money laundering protocols begin with your systems.which can reduce or eliminate threats posed by disreputable clients.

Are Your Clients And Partners Monitored Intelligently?

One way to identify financial criminals involves flagging their transactions once they trigger a red flag. Small and midsize financial institutes don’t have a dedicated analytics team to update internal rules for new products and changes.

This can lead to false alerts when the rules change and a bigger pool of missed true-positives. By hiring a financial IT managed service provider such as SoftArt Solutions, you get experts who can quickly implement and test rules changes as part of your monthly fees.

What’s The Advantage Of Partnering With An Effective Financial IT Managed Service Provider?

You need a solution that covers your risks without costing you the salaries of a full-time team of cybersecurity and AML/CTF developers. That’s the beauty of outsourcing your financial crimefighting technology needs. Oracle Financial Services AML Express Edition is a robust platform that SoftArt Solutions recommend to clients of all sizes.

Our consultants use this and other products to enables your SMB financial institution to stay compliant and respond quickly to threats. Contact SoftArt Solutions at to assess your current system and discuss how to best invest in your financial institution’s compliance and cybersecurity needs.

If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.

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