History

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 (AMLRS) 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 growthToday, AML RightSource is the largest dedicated provider of AML solutions globally with nearly 600 employees serving clients spanning across offices in Cleveland, Ohio; Hudson, Ohio; and Phoenix, Arizona.

  • 2004

    Founding of the firm

  • 2007

    AMLRS gains first customer

  • August 2016

    Financial Crimes Advisory Service starts

  • October 2016

    AMLRS opens Phoenix, Arizona office

  • February 2017

    AMLRS opens Hudson, Ohio office

  • August 2017

    Clarion Capital Partners Investment initiated

  • January 2018

    AML University internal training program is launched

  • February 2018

    AMLRS welcomes John Byrne