- (216) 696-2000
- 1111 Superior Ave E Ste 1111, Cleveland, OH 44114
Areas of Expertise
- Financial Crimes Advisory
- AML transaction monitoring
- EDD Capabilities
- Transaction Monitoring, Investigations, and SAR Capabilities
- English: Spoken, Written
In the aftermath of the September 11 terrorist attacks, it became clear that the federal government intended to mandate compliance with regulations related to the identification and reporting of suspicious financial activity, specifically criminal and terrorist-related, conducted through regulated financial institutions.
At the time, it appeared that only a few of the largest financial institutions had the means, talent, and infrastructure to comply with the new regulatory expectations. Despite these advantages, even the largest financial institutions faced significant compliance challenges and were hit with significant regulatory enforcement actions. These included mandated process and personnel changes, financial fines, and in some cases, cease and desist orders. The banking industry was on notice that enforcement was real and that every financial institution would eventually be held accountable.
AML RightSource began in 2004 with the idea that small to medium-sized financial institutions were going to quickly need assistance with this imminent regulatory compliance burden. After a few years of typical small business trials and tribulations, AML RightSource was hired by a small community bank located in Beloit, Wisconsin (2007).
In the following years, additional customers gradually brought larger and more complex regulatory hurdles to solve. Since 2014, our firm has experienced exponential growth. Today, AML RightSource is the largest dedicated provider of AML solutions globally with over 1,000 employees serving clients spanning across offices in Ohio, Arizona, New York, and Ontario.