AML Risk Analysis: How it Works. Data should underlie every compliance decision. AML360’s suite of products ensures data quality is consistent, enabling AML Compliance Officers to track compliance issues and easily manage ongoing monitoring with better outcomes.
The AML360 platform has been configured to the recommendations of AML Supervisors and the international watchdog, the Financial Action Task Force.
Through the AML360 platform, users can identify business characteristics that increase the risk of money laundering and terrorist financing (ML/FT). Your role is to log in to your AML360 platform and select data inputs on the screen. Additional notes can be added. At the end of the analysis, click the 'Calculate' button. We then distribute a detailed report describing your business's nature, size, complexity, and ML/FT risk levels. Your report is sent to your email and loaded into your online register for easy updates.
Risks analysed have been selected from recommendations by AML supervisors and the international watchdog, the Financial Action Task Force. The AML/CFT risk report will state the level of risk exposure to 50 known characteristics that increase ML/FT risks. The report separates these ratings into the following business divisions, (a) the nature, size and complexity of the business, (b) products, services, and transaction risks, (c) customers (B2B and B2C), (d) method of onboarding and ongoing interaction with clients/customers, and (e) country risks. Your report explains the risks and prompts on types of policies, procedures and controls to manage risks.
Your report provides separate heat maps of the primary business divisions. Heat maps are helpful for senior management and stakeholder reporting. They assist for quickly interpreting the risk level and the underlying exposures. Heat maps save time in reading detailed reports. However, the full risk report and guidance manual are also available for any stakeholder requiring further information on the analysis and results. These stakeholders may include another financial institution, an AML auditor or an AML Supervisor.
Additional to our software, AML360 selects the best AML compliance professionals from every corner of the globe and every industry sector. This provides your business with an option of a dedicated compliance professional for ongoing oversight and advisory services. Your AML professional is also available to meet any ad hoc requirements.