AML Partners
Advanced Solutions for Risk Mitigation and Workflow Processes

Having spent a decade in the United States Military, Frank Cummings, the CEO of AML Partners and one of its founders, has learned to think everything through and to view a problem from its origin. So, when he decided to set foot into capital markets, Cummings followed the same principle that gave rise to AML Partners, a firm specializing in behavioral-risk mitigation, workflow processes, antimony laundering and Bank Secrecy Act consulting, and software development.

AML Partners started as a consulting firm in 2005 and after a rewarding span of 4 years, it evolved into a software development firm specializing in recognizing illicit activity in financial transactions and more recently in designing custom workflow, risk, and process management software across all industries.

Although most of its competitors offer transaction monitoring systems, their solutions do not provide insight into customer behavior, an integral element to prevent illegitimate activity. AML Partners, in contrast, created the Legitimacy Lifecycle approach in which they consider the inherent risks that a customer poses from the time of on-boarding, which requires assiduous customer due diligence; to the relationship maintenance phase, which requires monitoring customers’ behaviors for illicit activity; and finally closing out the relationship securely.

A unique approach of the company is to give full control to users by allowing them to configure directly in the software a compliance regimen that conforms both to evolving laws and regulations and to their own institution’s unique requirements.

AML Partners’ products for antimony laundering are geared around Customer Due Diligence (CDD) designed specifically for easy inhouse customization by compliance professionals. Its flagship product, SURETY-CDD, is a complete powerhouse that comprises dynamic risk modeling fully integrated with the user’s on-boarding process; dynamic question collection with artifact/file uploads that may be easily customized by compliance to create and trigger questions on any customer element collected; ‘Comply on the Fly’ technology featuring on the- spot customizations by compliance in order to instantly achieve auditor recommendations or changes to compliance regulations; email-enabled workflow that automatically provides task-specific email notifications to designated users in the workflow; and full content management by SURETYCDD through data storage and document uploads right on the SURETY Server, all of which may be opened and viewed on the SURETY interface at any time.

Cummings believes that the future holds the biggest growth potential for firms focusing on risk mitigation.

According to a survey done by LexisNexis, only 5 percent of financial institutions were automated in their customer due diligence. “AML Partners’ solution for digitized and customized AML/BSA compliance for every stage in the customer relationship sets it apart from its competitors in AML Risk, and it offers a much-needed solution to financial institutions seeking to comply with complex and evolving regulations,” says Cummings.

Moreover, Cummings is excited about extending AML Partners’ risk and workflow/processes expertise to all industries through his firm’s newest product, InDuro. InDuro provides users with an app-builder that is a blank slate on which to create one’s own unique workflow and risk solution with no programming required. Cummings adds, “We provide a whiteboard to users where they can configure any workflow, process, task, risk, in any language, anytime and anywhere. On the same platform, users could onboard customers and employees, manage vendors, and work on capital markets risks or IT risks. Based upon the unique needs of users, one can reuse the same data for different functions. It’s all transparent to the user.” This new product from AML Partners enables clients to master any risk in any functional area starting from vendor management, credit risk, employee on-boarding, or any other area that needs to collect and store information in a structured process.