AML/CFT Compliance Officers have many responsibilities. Programs need to strengthen, modernise, and streamline the AML compliance framework. AML360™ enhances business performance in governance, risk and compliance reporting.
AML programs must be kept up-to-date to reflect changes in regulatory expectations and ensure policies, procedures and controls are unified to represent quality compliance assurance. Programs should be immediately available to staff, whether back office, front office or even out of the office for client-facing purposes.AML360 has an easy solution to ensure programs are easily maintained.
Most AML laws require a risk-based approach to AML compliance and stipulate that financial institutions should implement a reasonably designed risk-based program to direct resources to higher-risk areas. The program must be consistent with the financial institution’s risk profile
Data management fundamentally defines every aspect of an AML Program. The data must be complete, consistent and accurate. Crucial areas for data integrity include the risk assessment, customer profiling, transaction monitoring and geography risks.
Risk management should be applied throughout the lifecycle of the program. As part of a risk management system, senior managers and Boards must have readily available data that allows informed decision-making. The extent of data validation and integrity controls will be documented in the financial institution’s risk-management framework
AML360’s RegTech solution combines compliance, data integrity and risk management protocols into a single platform. Centralisation of data enables automated workflows and streamlines oversight.
