If your business is struggling with the ‘How To’ in preparing and writing a Firm-Wide AML Risk Assessment Report, you have found the right place to make all your troubles dissappear. AML360™ is regulatory technology designed to assist small and medium sized enterprises to better manage their AML/CFT compliance obligations – whilst reducing costs and improving compliance efficiency!
The Firm-Wide AML Risk Assessment is the first step in developing or reviewing adequacy of AML/CFT compliance policies, procedures and controls. The AML/CFT Firm-Wide Risk Assessment will inform Anti-Money Laundering Compliance Officers on those areas of business that have greater exposure to facilitating money laundering and/or financing of terrorism.
The Risk-Based Approach in anti-money laundering compliance laws refers to the requirement to use a methodology which will identify where risks are higher. This requires application of a reliable risk management process so that the Anti-Money Laundering Compliance Officer is reasonably informed of enterprise-wide risks.
Businesses must document their risk-based approach. Auditors and AML/CFT Supervisors will examine the methodology and test for adequacy.
Costs linked to anti-money laundering compliance are primarily caused by firms relying on labour intensive processes to complete administrative AML/CFT actions. When labour intensive processes are used, this absorbs human resourcing which in turns takes away staff commitment to core business. Businesses that cannot afford to hire subject matter experts or to develop or purchase sophisticated AML/CFT compliance solutions can take advantage of more simplified compliance solutions such as AML/CFT Software-as-a-Service.
AML360™ is an example of AML/CFT Software-as-a-Service. AML360™ Software-as-a-Service is configured by AML/CFT compliance professionals. The business as a user only needs to enter data or log into their account and click on filters to receive structured AML compliance reports.
This saves the firm significant time and expense and ensures a professional approach is applied to meeting AML/CFT regulatory obligations.
Generally speaking international standards require that a firm-wide AML risk assessment incorporate the minimum of identifying and reporting on vulnerabilities to money laundering or financing of terrorism by examining:
(1) Nature, size and complexity of the firm; and
(2) The type of produce and services that the firm offers to its clients; and
(3) The method in how products and services are delivered to clients (B2B an B2C); and
(4) The general types of characteristics across the firm’s client base; and
(5) The country risks that the firm is linked to through its business operations.
AML360™ focuses on delivering AML compliance solutions and was a pioneer in developing software-as-a-service to deliver AML Firm-Wide Risk Assessments.
Pricing is set so your firm’s budget is not strained.
AML360™ is a tested and proven solution for documenting and reporting on your firm’s AML/CFT risk assessment.
Get in touch and discover how AML360™ can help you succeed in AML/CFT compliance.
