TECH-ENABLED MANAGED SERVICES

Gain Compliance Efficiency

AML360's Compliance-as-a-Service platform allows your business to take advantage of a low-cost compliance model by using regulatory technology to automate workflows. Our compliance specialists ensure you keep on top of regulatory expectation.
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  • AML Software

    Initial Consultation

    AML360 consults with your firm to begin configuring an AML/CFT compliance framework. Your firm’s existing framework is examined and tested for compliance efficiency.

  • AML Compliance Software

    Firm-Wide Risks

    A representative from your firm logs into their AML360 account and commences the enterprise-wide risk assessment. This is the first step to establishing a digital compliance framework.

  • AML software regtech

    Program Review

    The next step is for your firm to review its existing policies, procedures and controls. AML360 provides you with the tools to do this. Your firm receives a comprehensive status report.

  • Testing Configurations

    Configurations for customer risk profiling and account activity rules are set. The configurations are aligned to the nature, size and complexity of your firm’s operations and tested against regulatory requirements.

  • Regulatory technology AML

    Management Reporting

    A management reporting framework is designed to ensure a system of governance reporting and ongoing monitoring. This reporting framework includes data filters to automate reports. These reporting filters are used to meet requests from management, auditors and AML/CFT supervisors.

  • Digital Implementation

    Your firm is now ready to implement a tech-enabled AML/CFT compliance framework. This includes automated solutions for risk profiling, monitoring, red flag alerts, case management and reporting.

Regulatory Responsibilities

Governments are increasingly focusing on the need for Boards and executives to be involved in the governance framework that drives AML/CFT compliance policies, procedures and controls. This ensures those at the top of an organisation have legal responsibility for management oversight and decision-making of the organisation’s AML/CFT program. The United States, for instance, requires Board members to sign off their assurance on the organisation’s transaction monitoring systems. 

Importance of Data

Because AML/CFT compliance is heavy on data analysis, the use of reliable data is paramount to ensuring informed decision-making. Data with no relevancy or limited value to AML/CFT analytics should not be preferred over data with high value and known reliability for driving regulatory outcomes. These are the issues that auditors and AML/CFT Supervisors will test.

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AML RegTech

  • Reduce Costs

    AML360 technology eliminates labour-intensive processes. Following implementation, your operational costs for AML/CFT compliance will significantly reduce.

  • Improve Efficiency

    AML360's compliance technology ensures your business is meeting regulatory expectation for ongoing management and monitoring.

  • Protect Brand

    Non-compliance with AML/CFT laws can have a long-term impact on a business brand. Protect your business reputation by operating with regulatory technology and professional oversight.

Common problems faced by anti-money laundering compliance officers and business entities include:

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AML/CFT Governance

AML/CFT compliance laws require businesses to operate with an AML/CFT compliance framework that enables documenting, reporting, monitoring, and reviewing of regulatory obligations. 

Therefore, operating with adequate systems that ensure effective outcomes is the starting point in developing an AML/CFT governance framework. 

The systems relied on need to adequately demonstrate regulatory effectiveness.

AML Compliance Software

Human Resourcing

Though the risk-based approach has allowed businesses to operate with a compliance program that aligns to their risks, nature, size and complexity, there is still the need to demonstrate compliance effectiveness.  Your operational compliance costs will be high if your organisation relies heavily on human resourcing to process compliance workflows. This is because compliance laws for anti-money laundering and countering financing of terrorism (AML/CFT) are heavy on administrative processes. 

Digital Compliance

AML360 has developed a specialised platform to enable businesses of all sizes to easily implement and maintain a sound regulatory framework for AML/CFT compliance obligations.  

The solution automates customisation and meets the regulatory requirements of risk-based decision-making.  Every aspect of AML/CFT compliance can be managed from your platform.  We also have specialist compliance officers who can be assigned to have ongoing oversight of the performance of your AML Program. Your dedicated AML/CFT oversight officer will assist your AML compliance officer manage their obligations and alert when a matter requires further attention.

If you wish to see a live demonstration of how your AML/CFT compliance platform is managed, go to the Contact Page and get in touch.

Benefits of AML360 Software

In recent years more firms have turned to managed compliance services because they can leverage compliance teams quickly and efficiently to implement and maintain a compliance program. The alternative of hiring an in-house full-time equivalent employee (FTE) may simply not be affordable. A qualified AML/CFT compliance professional with 10+ years experience, can expect a salary of circa USD80,000+. Once employed, AML/CFT compliance systems need to be established. Many firms, paralysed by indecision, simply do nothing. This can lead to bad regulatory, reputation, and business outcomes. AML360 Regulatory Technology acts like an AML/CFT compliance professional. The software simultaneously collects data, analyses and reports to provide AML/CFT compliance and risk management expertise. By utilising the AML360 compliance account, your business will reduce human resourcing costs and fortify the AML/CFT compliance framework. The platform is fully customised to the nature, size and complexity of business and sector.
A reasonable AML compliance program must include an experienced money laundering reporting officer, include the involvement of senior management, have adequate systems in place and adopt customised policies and procedures, train staff, and maintain records. AML360's managed services incorporate each of these elements at a fraction of the cost to hire a full-time equivalent professional. In doing so your AML compliance costs can be reduced between 50% to 80%. Because we take advantage of regulatory technology, we also ensure your business gains compliance efficiency.
Using a third-party compliance firm to provide your compliance services, including utilising regulatory technology, offers many benefits over hiring one or more full-time employees. AML360's managed services can implement a compliance program quickly and efficiently with an experienced team that applies an industry-wide perspective. Our team of compliance professionals have more regulatory knowledge than any one person a firm could hire.
When an issue arises, your firm can appeal to AML360's management for corrective action. Our firm, unlike a person, does not take a vacation or sick days or ask for a promotion. Also, turnover among internal compliance officers has become an industry-wide problem. Faced with a limited career path, many compliance officers leave after a few years to make more money or to experience a different type of firm. In these circumstances your firm must go through the decision-making and hiring process all over again, creating business disruption. AML360's managed services eliminate all these issues.
AML360's managed services bring an independent perspective to the compliance function. Institutional clients and regulators value this independence and often give more weight and credibility to a compliance review prepared by an outside party rather than somebody reporting to senior management. Conversely, an in-house AML compliance officer is inherently conflicted because he/she reports to senior management that may be the cause of the problem. In many cases, the AML Compliance Officer gets blamed because senior management views the compliance officer as the cause and not the solution. Unlike an outside firm that has many clients, an in-house AML compliance officer faces significant disruption if a compliance breakdown fractures the relationship with management.
What are the signs that a firm has done too little to implement an effective AML compliance program? They fail to spend enough on compliance. Firms also fool themselves into thinking they have done something significant. For example, they buy a compliance manual online or adopt policies and procedures but decline to implement the requirements. A do-nothing firm may inform an internal employee that he/she is now the AML Compliance Officer and allocate minimal resources to compliance. AML Supervisors often cite these practices in various enforcement actions as examples of failures to implement effective compliance programs. Failing to implement a compliance program also will not work with institutional clients. Once a firm makes it onto the regulator's bad actor list, expect to see them on a regular basis.