A Hybrid software & advisory service

AML Risk Assessments

An AML risk assessment identifies areas of business operations that are exposed to facilitating money laundering or terrorism financing. Access to an AML360 account will produce an AML business risk report within an hour. Thereafter, updates take minutes. 

AML Risks
AML Analytics
AML REPORTING

What is an AML Risk Assessment?

AML risk assessments are crucial in designing an AML/CFT compliance framework. However, until now, AML risk assessments have been developed with cumbersome spreadsheets or sparse word documents. Equally, they often take weeks or months to complete. As a result, AML risk assessments are failing to meet regulatory expectations.

aml risk assessment
aml risk assessment software

Regulatory Effectiveness

AML360 has subsequently developed a cost-efficient and practical approach for AML risk assessments. Moreover, savings on the use of human resourcing are significant. Accordingly, AML360 has achieved compliance effectiveness with a First Class AML risk assessment. Equally, the most compelling evidence is that AML business risk assessments are our expertise. After all, we recognise AML risk assessments guide a business in developing policies, procedures and controls.  Therefore, if inadequate risk measurements are relied upon, the implemented program will also have ineffective outcomes. 

AML Risk Assessment

Importantly, data collation, record keeping and compliance reporting are automated to ensure a seamless workflow.

AML Business Risks

Firstly, the platform is intuitive and you have a dedicated AML compliance professional available for ad hoc queries.

AML KYC

Customer Risk Profiling

Explicitly identify those customers that present greater ML/FT risks to your business.

AML risk analysis

Products/Services

Equally, know the characteristics causing an increased risk for products and services.

AML software

Method of Delivery

Following onboarding, how are interactions with customers managed?

AML Risk Assessment

Countries

Generally, country risks arise from customers, transaction reach and business relationships.

3-Easy Steps

BSA/AML Risks
AML Risk Assessments
what is a money laundering risk assessment

Professional Approach

Markedly, institutions of all sizes can take advantage of AML360's AML business risk assessment technology. Therefore, if you are the Head of Risk at a tier 1 bank or an owner/operator of a small legal or accountancy firm, AML360 provides an online account to complete an AML/CFT business risk assessment up-to-date. This is especially important when core business demands are heavy, leaving less time to meet AML/CFT compliance. Comparatively, without automated processes, AML/CFT compliance obligations are likely to lag, resulting in regulatory risk.

AML firm-wide risk assessments
AML RiskAssessment

Risk Based Approach: Money Laundering Risk Assessment

To illustrate AML risks, your AML business risk assessment report is divided into five divisions. To summarise, the report details (1) The Nature, size and complexity of the business, (2) Customers (B2B & B2C), (3) Products / Services, (4) the Method of Delivering Products/Services and (5) Geography Risks. Furthermore, each division provides a heat map, a risk score, risk ratings of critical indicators, and a narration to explain the risks. The report explicitly provides detail of low to high-risk characteristics within business operations.

AML Risk Assessments: Regulatory Expectation

Most importantly, AML360's regulatory technology is easy to navigate, easily reached through a web account and affordable to small businesses. Moreover, now that AML360 has simplified a complex risk analysis process, your business will gain confidence that regulatory expectation is met.

money laundering risk assessment

AML Risk Assessments (BSA Risks)

Regulatory Technology

AML360 manages BSA/AML risk assessments and enterprise firm-wide AML risk reports.

Save Human Resourcing

It is important to realise the AML risk assessment takes less than 60 minutes to complete.

Risk Heat Map

Explicitly identify higher-risk areas across business operations. Thus, include heat maps in reporting.

Risk Guidance Manual

Moreover, a guidance manual ensures quick knowledge transfer.

Unlimited Updates

Easy updates. For this purpose, click the edit icon, and make any changes.

Drill Down Filters

Dashboard filters available to structure reports. For example, supporting audits.

Case Management

Use the case management feature to set, track and report. Further, report on progress.

Easy Updates

Equally important, updates can be completed within minutes

Key AML Risks

To conclude, your money laundering risk assessment report examines 50+ key risk indicators. Your report includes colour coding to identify those areas representing more significant risk. Additionally, your report provides narrations to explain the risks, including prompts to manage the development of policies, procedures and controls.

money laundering risk assessment
Frequently Asked Questions

AML360’s regulatory technology automates AML business risk assessments and reduces human resourcing costs.  Furthermore, easily manage the analysis process from a secure Cloud account.

Following a cleared payment, you will receive instructions on how to get started.

Instructions are emailed on How to Get Started.  The platform is intuitive and easy to use.  If you do need assistance a knowledge library is available with written instructions and video demonstrations. If you have subscribed to ‘Managed Services’, you also have access to a dedicated AML compliance professional. 

You can cancel your subscription at any time during the current subscription period. There is no automated renewal. A renewal requires your separate confirmation. Reminders are sent that your account is due to expire. You can update your risk assessment at anytime before expiry. 

Additional users can be added to your account for USD50 per month.

Your data is stored in encrypted servers, using the same level of security as that used by banks.  You are able to select the jurisdiction of your server location. You should use a unique identifier.  By following this method, only your business will know who the data pertains to.

Yes. Your account can operate with numerous compliance tools such as client risk profiling, activity monitoring, bespoke management reporting and internal reviews.

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