The AML/CFT Assessment establishes the approach of how Policies, Procedures and Controls need to perform in order to manage known inherent and real risks.
The AML/CFT Assessment is the cornerstone of the AML/CFT Program due to its ‘informing’ status of the AML/CFT framework.
Therefore the metodology needs to be adequate and reflect local requirements of AML/CFT compliance laws.
Human resourcing costs are what drive the overall compliance costs high. Businesses therefore need to be thinking smarter. Technology today is easier to access and a lot more affordable than one or two decades ago.
Compliance-as-a-Service and Software-as-a-Service are options available to small and medium sized business that are affordable and more importantly, deliver cost efficiency.
Like all aspects of buying, businesses need to ensure the AML/CFT regulatory solution is ‘fit and proper’. Solution providers should have readily available data sheets to evidentially support the ‘reliability of their AML/CFT compliance solution.
AML360™ is a risk-based reporting solution designed as a Digital AML/CFT Compliance Officer. The ‘thinking’ engine is customised by AML/CFT compliance professionals. All your business needs to execute is data entry into an online digital form.
Businesses responsible under AML/CFT compliance laws will need to ensure their AML CFT risk assessment methodology can stand-up to independent scrutiny and meet the threshold of ‘adequate’.
AML360™ is specialist regulatory technology designed to assist businesses to achieve a professional structured reporting framework.
The benefits of AML36-™ regulatory technology include:
AML/CFT Supervisors expect senior managers and business leaders to be informed of AML/CFT compliance risks. Don’t waste valuable HR resources with meaningless reporting. Inform your key stakeholders with risk-based principles, and instant interpretation. Save their valuable time by offering heat-maps and available data reports for informed decision making. Summary and comprehensive reports are available.
