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Regulatory Technology

AML Risk Assessment: what you need to know

An adequate AML Risk Assessment Report is crucial in designing an AML/CFT compliance framework. Yet surprisingly, AML/CFT risk reports often fail to meet regulatory expectations. Despite the importance, few businesses operate with an adequate risk methodology. These businesses become low-hanging fruit for regulatory action. AML360™ regulatory technology automates the technicalities of an adequate risk methodology. Equally, the AML/CFT assessment report reasonably informs business owners and AML compliance officers of the risks they must manage.

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BSA AML Risk Assessment
Firm-Wide Risk Assessment

Immediate Implementation

AML360™ is consistently ranked as a leading innovative software vendor.  Our risk-based compliance solutions allow your business to make critical decisions with confidence. 

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AML Risks

Customised Configurations

Our technology has incredible flexibility to allow instant updates of configurations to match the nature, size and complexity of your business or aligning to regulatory changes.

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AML Analytics Profiling

AML Risk Assessment

Profiling and data analytics are the drivers of AML360’s success.  Your compliance platform is equipped with best in class governance solutions to provide instant reports.

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AML Risks

Dedicated Specialist

If you require a dedicated compliance specialist to strengthen internal resourcing, we will assign your firm an AML/CFT expert from your industry sector.

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Step 1: Open a digital form and select data choices on the screen. Click ‘Submit”.  You will receive a comprehensive risk-based report explaining your business-wide risks, including heat maps. Key Divisions: (i) Nature, size and complexity, (i) Products / Transactions, (iii) Customers, (iv) Method of Delivery and (v) Geographies.

AML CFT Forms
  • Activate Digital Form
  • AML/CFT Business Risk Profiling
  • Embed Compliance Process
  • Customised to Business Type

Step 2: Review your report and check whether any updates are required. Advisory services are available should you require any assistance.

AML CFT Risk Report
  • Structured Reporting
  • Risk-Based Evaluation
  • Guidance Manual
  • Advisory Services

AML Risk Assessment

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

money laundering risk assessment

AML Risk Assessment: Common Problems

Businesses of all sizes are failing to use adequate data to establish effective AML/CFT compliance procedures and controls. This is causing most to fail in the first and most important step in developing an AML/CFT compliance framework – the firm-wide risk assessment.  The AML/CFT firm-wide risk assessment must objectively meet regulatory standards of effectiveness and adequacy. Risk-based decision-making must be demonstrated. Failing to do so is the fastest path to a breach of regulatory standards.   If the risk assessment does not adequately identify risk divisions within a business, then the policy, procedures and controls will likely also have weaknesses. 

AML Compliance Officer

Evidence-Based Reporting

Anti-money laundering and countering financing of terrorism (AML CFT) laws are increasingly becoming government priority issues. Businesses impacted include the financial services industry as well as the professional services such as lawyers, accountants and real estate agents. As these regulations deepen in complexity, the frequency of regulatory breaches is rising.

AML Risk Assessment - The 1st Step

AML business risk assessments are crucial in designing an AML/CFT compliance framework. Yet surprisingly, AML/CFT risk reports often fail to meet regulatory expectations. Despite the importance of AML/CFT business risk assessments, businesses struggle in the technicalities of a risk methodology. Equally, the AML/CFT assessment report must objectively inform business owners and AML compliance officers of the risks they must manage.

The Advantages of Regulatory Technology

AML360 has simplified the AML/CFT business risk assessment process using regulatory technology. The software provides a lower cost for completing a business risk report. Configured to capture the key risks impacting businesses across sectors, the report fully informs of risk areas with prompts for policy, procedures and controls to manage risks.

Regulatory Effectiveness

Auditors and AML Supervisors follow the approach that if it is not recorded, it does not happen. This is why it is important for a compliance framework to establish workflows and escalation processes. AML360's enterprise solution is designed to deliver low-cost AML/CFT compliance efficiency.

AML risk assessment

Regulatory Effectiveness

AML360™ has subsequently developed a cost-efficient and practical approach for AML business 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
(AML/CFT Risks)

Regulatory Technology (RegTech)

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 Identification Report

Explicitly identify risk areas across business operations. Thus, include in management reporting.

Guidance Manual & Methodology

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 for evidenced-based monitoring and reporting.

Easy Updates

Equally important, updates can be completed within minutes.

Use Relevant Data For An AML Risk Assessment

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

money laundering risk assessment
AML Software Compliance

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

Easily Identify those customers that present greater ML/FT risks to your business.

AML risk analysis

Products & Transactions

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

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.

AML Risk Assessments: Regulatory Expectation

Most importantly, AML360's AML business risk assessment 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
money laundering risk assessment

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