AML RegTech for Managing AML/CFT Compliance
Anti-money laundering compliance does not allow a ‘pause’ in ongoing monitoring. The Covid pandemic showed apparent differences in ease of business continuity when utilising AML RegTech.
Businesses without AML compliance monitoring systems during the Covid-19 crisis should think twice before transacting. AML legislation grants no exemption for compliance due to disruption to the company – whether in an emergency or global pandemic. Essential risks must still be managed during any crisis. Nevertheless, working practices are changing for those responsible for enacting AML compliance obligations and those expected to have regulatory controls ensuring compliance is met. Both require oversight and monitoring to continue remotely.
Regulatory Technology (RegTech) has proven itself of late as a formidable driver of efficiency in AML compliance. For AML
supervisors, manual oversight processes requiring practices of on-site and off-site inspections are expensive and time-consuming – with considerable disruption to the business.
With solutions such as AML360’s fully tailored end-to-end suite of AML compliance tools, AML RegTech and AML SupTech (Supervisory Technology) are setting a new precedent for enhanced compliance processes.
When utilising a software-as-a-service solution (SaaS), businesses can operate systems and workflows remotely, ensuring business continuity for AML compliance.
So, with the global Covid-19 pandemic creating challenges such as working from home and social distancing – AML360’s RegTech is the perfect solution for now and into the future as changes to working practices begin to unfold. As we step into a global transition of embracing digital solutions, businesses will appreciate the benefits of not only having options to operate
remotely, but the ease in which automation takes care of administrative duties.
Furthermore, it is likely the environment of consulting and advisory services will change from a labour intensive, face-to-face, paper-based service to one that generates greater efficiencies through online ‘new’ business practices.
The brick and mortar approach to operating businesses is not only high cost but, as Covid-19 is showing, neither is it practical for business continuity.
AML360 provides solutions to banks, money remittance services, casinos, foreign exchange trader, lawyers, accountants, financial service business and real estate agents. We provide both
AML outsourcing services and digital implementation of a tailored AML/CFT compliance framework.