The purpose of an AML/CFT HealthCheck is to identify any weaknesses or deficiencies in the organisation’s anti-money laundering compliance program. Following compliance analysis, the AML/CFT Health Check results will include recommendations for improvement where defects are detected.
An AML Health Check is an important compliance tool for ensuring that a business meets its obligations to prevent money laundering and other financial crimes. Checking for AML/CFT compliance weaknesses assists in protecting the reputation and legal standing.
The results of the AML/CFT Health Check will include an overall AML/CFT compliance risk level. Additional to an overall risk compliance score, it identifies individual characteristics of an AML/CFT program and provides a risk rating and advisory notes. The AML Health Check report is provided following a comprehensive review.
An internal business team, external consultant, or auditor may conduct an AML Health Check.
Having controls for identifying weaknesses in an AML/CFT compliance program is a governance requirement. Often referred to as the risk-based approach to compliance, the AML/CFT HealthCheck measures against regulatory obligations.
AML360’s Health Check provides a case management feature. Once updates of weaknesses are tracked and remedied, your organisation can update the healthcheck for an improved compliance report.
