AML Health Check
Complete your free AML system health check today using our Applied Intelligence questionnaire and we will be in touch to arrange a consultation to begin evolving your processes.
Governance is the set of rules and practices that direct the relationship between the Board of Directors, the management, shareholders and other stakeholders. AML Governance shall be based on a three-line of defense approach: First line responsibility rests within divisions, business areas and business units, subsidiaries, ranches and affiliated companies. The first line is responsible for the implementation of AML/CFT procedures and controls, as well as for a comprehensive ML/TF Risk Assessment and risk management. Second line responsibility rests with Group Compliance in line with the Instruction for Compliance. Third line responsibility rests with Group Internal Audit being responsible for independent control and evaluation.
Regulations require financial institutions to put in place a robust process for AML program. Data quality should be a fundamental part of any financial institution’s strategy, including financial crime risk management. Data quality gaps may lead to AML regulatory breaches and result in financial institutions reputational damage, fines, loss of consumer confidence, and even personal accountability.
A robust KYC program helps companies avoid becoming embroiled in economic crime. Money laundering, corruption and fraud are issues that can affect any company, either directly or indirectly. Businesses must therefore ensure that they put effective anti-money laundering (AML) measures in place. Failure to do so can result in fines and prison sentences and affected companies often suffer reputational damage. In serious cases, business permits may be withdrawn.
Complying with Sanction Screening regulations and transaction filtering are key requirements for all financial and nonfinancial institutions. Screening transactions and clients for possible sanction violations is an essential component of an effective compliance program. Robust sanction screening processes help financial institutions keep ahead of regulatory changes and eliminate the risk of fines and reputational exposure.
End-to-end TM processes should be regularly appraised as part of a risk-focused transformation, from the initial identification of relevant risks faced by the client, to the final act of filing suspicious activity reports (SARs) with the authorities. By understanding where you are now, Beyond AML can help support you to continually develop more robust compliance processes.