TECH-ENABLED MANAGED SERVICES
AML/CFT Risk Assessments
AML360™ was a pioneer in using regulatory technology to simplify the risk-based reporting obligations of AML/CFT Risk Assessments. To receive a professionally structured risk-based report, your firm only needs to point and click, then submit.
How to Keep Costs Low When Undertaking AML/CFT Risk Assessments
When evaluating anti-money laundering compliance risks, there are a. number of specialist skills required. The first is the need to understand the risk-based methodology and secondly, there is the requirement to have reasonable knowledge of money laundering typologies. Anti-Money Laundering Compliance Officers must also understand the difference between money laundering typologies and financing of terrorism.
The AML/CFT firm-wide risk analysis and report must be structured and explained in a manner that an independent third party can objectively determine ‘reasonableness’.
Often businesses use internal staff to undertake the AML/CFT risk assessment report writing when the staff member has lack of expertise.
A firm-wide risk assessment for money laundering and terrorism financing risks is the easiest route to unwanted regulatory attention.
The AML360™ risk reporting methodology is structured to meet requirements of all sectors and size of businesses. The automated risk-based reporting requires your Anti-Money Laundering Compliance Officer to select data on screen, then submit.
By automating workflows, your business will significantly reduce labour intensive processes and in doing so, reduce AML/CFT costs.