An AML HealthCheck reviews the AML compliance status, providing insight into the weaknesses of an AML/CFT compliance framework. The AML360 HealthCheck examines 70+ compliance hotspots. Prompts and tips are offered to areas of weakness, and the results will guide you to a better audit outcome.
Comprehensive
70+ compliance hotspots.
Best Practice
Risk-based approach.
All Countries
Suitable to all sectors.
An AML HealthCheck is a self-evaluation of the status of your anti-money laundering compliance program. Accordingly, it evaluates all essential aspects that AML auditors and AML supervisors examine.Â
Also known as an AML compliance review, the AML360 Health Check provides your business with an opportunity to remedy weaknesses before a material breach occurs.
The AML360 Health Check provides a report setting out the risk status of 70+ areas that typically cause concerns during AML/CFT audits.
Used to support controls and to evidence good governance practice, the AML Health Check acts as an internal compliance review. An AML/CFT compliance review should undertaken on an annual basis, with an increased frequency depending on the nature, size and complexity of the underlying business.
Without the ability to evaluate an AML/CFT compliance status, business owners, executives, and AML compliance officers will be flying blind and unable to manage regulatory risk.
AML360’s compliance health check reviews those areas of a compliance program that commonly cause breaches. These areas are:
Evaluating the performance of systems in place to mitigate and manage ML/FT risks is an ongoing requirement. Though an AML HealthCheck allows businesses to operate with greater compliance efficiency, the regulatory technology must be adequate for the nature, size and complexity of the entity and industry sector.
The AML360 platform caters to all sectors. Offering a lot of flexibility, businesses can elect off-the-shelf compliance modules or customise to unique requirements.
The AML360 Health Check reduces labour-intensive resourcing and ensures all essential aspects of AML/CFT compliance are captured. Â
An anti-money laundering compliance framework requires consistent performance. Therefore, most AML/CFT legislation stipulates the need to undertake internal reviews.
Accordingly, an AML auditor will test how a business examines its strengths and weaknesses. They will also investigate what procedures are in place to strengthen the program.
By incorporating an AML HealthCheck, your business can evidence its review procedures.Â
AML360’s HealthCheck includes case management which allows compliance actions to be remedied and tracked.Â
