Money Laundering Risk Assessments - BSA/AML Risks
Money Laundering Risk Assessments are the first step for developing your AML/CFT compliance policy, procedures and controls.
Regulatory Technology
AML360™ helps banks to meet regulatory expectation when performing money laundering risk assessments. Evaluate inherent and residual risks arising from money laundering and financing of terrorism (ML/FT).
Validated Risk Model
The AML360 risk model relies on a statistical method and risk-based approach, processing input data into a written report of quantitative and qualitative findings.
Easy to Use
Users simply select data from screen options, then click ‘calculate’.
Reporting
Results include a comprehensive risk analysis report incorporating –
- Key risk divisions (nature, size and complexity of business, products/services, customers/clients (B2B and B2C), method of delivery and geography risks.
- Heat maps of key risk divisions can be accessed from the online risk register and displayed in visually appealing graphical charts.
- For external stakeholders, reports and charts can be downloaded onto PDF or via a link.
Data Analysis
The online register includes data filters so that AML compliance officers can drill-down for deeper analysis. Historic data can be analysed to identify trends.
Easy Updates
As the system retains previous input entries, quarterly or annual updates can be completed within minutes. Each version remains filed in the register.
Save on human resourcing
Typically banks will commit half a dozen senior executives to the AML/CFT risk management process. Many meetings will take place which is taxing on the bank’s operational costs. The AML360 banking solution for completing an AML banking risk assessment can be completed within two hours.
Comprehensive yet Simple
The AML360 risk analysis report summarises data and provides an explanation of each risk that contributes to the overall risk rating. The overall risk rating represents results of the key risk divisions. These key risk divisions are what are known to increase the opportunity of ML/TF and are required by AML laws to be analysed.
Case Management
Following distribution of the risk analysis report, should any matters require actioning, the case management feature allows assignments to be distributed to staff, tracked and reported.
