Heard aml is next in chopping block…who is going first??
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I second that citi has been doing a single analyst work flow for years and i rhink the op states it because it tends to take a bit more time working them, which is why body count is important while meeting slos
I can tell you that citi has been doing it for years…
I'm here seconding the view that a lot of FIs, even if not most, separate the Detections and Investigations processes. Though that may be neither here nor there to the purpose of this initial post.
Second this!
I'm here seconding the view that a lot of FIs, even if not most, separate the Detections and Investigations processes. Though that may be neither here nor there to the purpose of this initial post.
To those who keep saying "in most organizations Detection work is done by investigators" or that it isn't a real process elsewhere, this simply isn't true.
In my 10+ years in AML and also PWC consulting I have seen only USAA have a separate function "Detections" Most if not all FIs I have been working with have a soup to nuts sort of process. Someone picks up the alert, if they can close it on that level they do so, if it needs to go to case they work it as it. Thus the alert does not get thrown over the fence to the next person
Re: Hopefully Harry
If there’s anything I’ve realized on this site, everything that has been mentioned or rumored about layoffs, has happened. Rumors about the May layoffs began in late April along with areas that would be hit, and what happened May 16? Those rumors became true along with the areas that were mentioned. And it’s a known fact that AML is overstaffed due to the work on their consent order. And once the work is close to being completed, the layoff grim reaper will be at the AML door. And there will be at least 2 more rounds of layoffs before the year ends.
Interesting talk with my manager. He said aml is fully staffed as needed until next year, head count is perfect for the anticipated numbers…..aml CANNOT breach slo, so maybe aml is just fine?????
No need to get upset, AML is a space that is constantly being automated I would definitely spread out to other functions if possible to increase longevity and opportunity :)
To those who keep saying "in most organizations Detection work is done by investigators" or that it isn't a real process elsewhere, this simply isn't true.
If you noticed, it’s easier for USAA to just pay fines and cut checks for $100s of millions of the members money.
They’re operating like congress writing checks on behalf of the taxpayers.
Also remember that we are going to a one touch process next year, which is crazy to think they are layong off a lot. You need bodies for this especially if you are working a case beginning to end and with multiple parties. And a filing to boot?
I don't know how they're going to cut AML detections when they're behind this month and in danger of not making SLO.
It is not hard, and plus the "Detections" process is not a real process. Most intuitions mitigate it with a paragraph or two not this process which incorporates almost a Periodic review into it. But don't forget its part of the USAA's world class AML Program
This is true, AML had to over hire to get ahead on the consent order work, once that work is close to completion, then yes, that area will be gutted.
The fact that detections has its own seperate thing is what scares me the most. In most financial institutions, detections is performed by the investigators who work cases not its own thing. How hard is it to perform the duty of a detections rep?
Dont forget detections is staffed pretty high also. Better pack your bags too, I have been looking and I dont see many AML jobs in San Antonio
AML is about to gut staff in investigations and QA. Dust off those resumes!