AML Software

AML Outsourcing and Outsourced KYC

AML outsourcing, including outsourcing KYC, will keep your business on top of regulatory expectations. We manage outsourced KYC, business risks, customer profiling, AML transaction monitoring, training, case management, geography risks and compliance reviews. 

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AML Outsourcing
AML RegTech

  • Workflows

    Automate administrative functions such as customer risk profiling and activity monitoring for red flag alerts.

  • Governance

    We ensure your management team have the right level of information to establish an effective governance framework for ongoing oversight.

  • Confidence

    AML360 technology is continually tested to ensure it conforms to regulatory expectations. The technology is configured to the risk-based principles of AML/CFT laws.

  • 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.

AMLCFT Enterprise Solution
AMLRegTech #1

OPTION 1: AML360 provides business with options of a customised self-administered platform for executing business risk updates, customer profiling, including activity monitoring and reporting.

AMLRegTech

OPTION 2: If your business requires additional boosting of human resourcing and knowledge expertise, AML360 provides a customised solution, as well as a dedicated AML/CFT professional for managed services. Your dedicated professional will guide your AML/CFT Compliance Officer and alert you when matters require action.

AML/CFT Technology

OPTION 3:  Our software engineers and AML/CFT consultants will customise an enterprise-wide, on-premise solution. This option is most suited to banks and large-sized financial institutions. 

AML Software

Professional

Qualified Ongoing Oversight

Software

Access AML RegTech

Alerts

Compliance Risk Notifications

AML OUTSOURCING

Gain AML Compliance Efficiency

For half the cost of an employee, outsourcing AML compliance provides your business with a full-time AML professional and access to leading regulatory technology. We are able to provide the bulk of your compliance function in a completely outsourced manner, appropriate for the nature, scale, and complexity of your business. 

AML compliance outsourcing ensures your business meets compliance expectations. Among other things, AML360 will provide compliance reviews, a dedicated AML compliance professional and monthly senior management reports. 

KYC OUTSOURCING

How does it work?

Our executives will meet with your AML Compliance Officer and management team. Our discussions will determine your requirements. We then evaluate the scope of your outsourcing services. 

After defined roles and responsibilities are determined, an outsourcing proposal will be presented. The AML compliance outsourcing proposal will confirm the outsourcing strategy, objectives and costs.

AML COMPLIANCE OUTSOURCING

Benefits of AML Compliance Outsourcing

Small and medium-sized businesses often struggle with the ‘how to’ of AML/CFT regulations and requirements. Budget restraints often prevent the option of employing an AML/CFT specialist. Outsourcing to AML360 will eliminate these worries. At the same time, our solutions reduce your human resourcing costs.

Your business will gain efficiency through leveraging professionally structured processes. All outsourcing clients receive 24/7 access to regulatory technology. Daily, we ensure that your AML Compliance Officer and Executives are informed of pertinent issues. Engaging KYC outsourcing services puts AML expertise behind your compliance function, allowing you to focus on business growth and profitability.

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.