Investing in an anti-money laundering compliance system is stressful. If you’ve dealt with an AML technology salesperson at all you’ve probably felt like getting a figure was like pulling teeth. We know, because we’ve been there when we were working as compliance officers ourselves and shopping for AML software solutions.

Why is it so hard to get a figure?

And how can you get comfortable with a long-term license when they will not give you a set figure?

Here at SILO we aim to make quoting the right price for you as easy as possible AND we aim to keep that figure as consistent as possible every year so you can feel safe in your decision to license with us.

But what goes into the figure we quote? Here are the factors we consider:

  • IT Infrastructure

    Do you want a Microsoft Azure cloud deployment, or do you need it installed on your own server? Cloud deployments incur hosting fees and hosting fees will vary each month depending on usage (how frequently you log-in) and storage (how much data and documents you store). If you want to avoid cloud hosting fees or if your country has regulations requiring you to retain client data within your borders, then you need to have your own server with sufficient memory and certain pre-requisite technologies loaded to run SILO.

  • Third-party technology features

    If you want some of the optional third-party technologies enabled, there may be additional one-time set-up fees plus any “per unit” fees. We’ll do our best to ascertain how much you’ll need to use any third party technology services and provide an accurate estimate of their charges.

  • Data Migration Tool

    If you have a lot of data you need to enter into SILO that is already in a spreadsheet or existing systems, you may want our data migration tool enabled. This saves a lot of time but also requires a lot of technical assistance by our support team.

  • AML Compliance Manual

    Anytime you get a new system or change your AML policies and procedures, you need to update your compliance manual. We understand not everyone responsible for AML compliance may be “compliance trained” – it could be just one of the many responsibilities on your plate. We help you get started by providing our template, but your account manager will also work with you to make this manual specific to your business.

  • Support Package

    All technologies require updating and maintenance. These are necessary to keep security up to date. And as we add new features, fields, analytics and additional third-party technologies, you’ll want to get these updates too so you can keep up with AML obligations.

So, can you afford SILO?

Absolutely. Because you can’t afford NOT to get a good AML compliance system in place. AML regulations and the fines imposed are on the increase and regulators are starting to set their sights on small and medium sized regulated businesses such as wealth managers, trust companies, law firms and insurance companies.

Regulators have set fines for non-compliance with AML regulations or inadequate systems in place and now even minor infractions can set you back $20,000 with more serious non-compliance fines exceeding well over six figures. And these are not one-time fines either. Fines can be imposed numerous times for lack of well-designed AML policies and procedures until you eventually get your license to operate pulled.

So, can you afford SILO?

What is the lowest figure at risk if you don’t invest in a good AML technology and establish solid AML policies and procedures? Approximately US$20,000 in fines depending on your regulator and what they are fining.

SILO’s annual license fee is less than US$20,000. In some cases, less than US$10,000 depending on the various factors involved in configuring your package. So, yes, you can afford SILO.

What are your other options?

Have existing staff continue doing what they’re doing – push compliance onto a few support staff or require your revenue generating staff be responsible for their own clients. The result? A mess, incomplete data, inaccurate reports, upset staff – and a risk of fines which could be US$20,000 or more.

Hire someone to be responsible for compliance. They process everything manually and continue using spreadsheets or “tweaked” CRM systems. You’ve just added a salary to your overhead at a cost of around US$50,000 or more each year – and still not reduced your risk of fines.