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.
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.
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.
Customer Risk Profiling
Explicitly identify those customers that present greater ML/FT risks to your business.
Products/Services
Equally, know the characteristics causing an increased risk for products and services.
Method of Delivery
Following onboarding, how are interactions with customers managed?
Countries
Generally, country risks arise from customers, transaction reach and business relationships.
3-Easy Steps
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.
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.
- Attractive charts
- Unlimited and easy updates
- Case management feature
- Customised reporting
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.
- For all businesses subject to AML/CFT laws
- Regulatory Risk Based Approach
- Self-managed solution
- Heat maps
- Explanation of risks
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.
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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