Check your AML/CFT Compliance Status with an AML Health Check
An AML/CFT compliance framework should be reviewed and tested for performance. Complete your anti-money laundering compliance review with an AML/CFT Health Check from AML360.
Measuring AML/CFT Compliance
Laws for Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) require businesses to operate with an AML/CFT Compliance programme consisting of policies, procedures and controls. Anti-Money Laundering Compliance Officers have responsibility for ensuring the AML/CFT Programme is operating as intended and meeting regulatory expectation.
AML360 provides an easy-to-use AML/CFT Compliance Health Check, covering 70+ common hot spots.
Developing an AML/CFT Compliance Framework
An anti-money laundering (AML/CFT) compliance framework establishes the policy, procedures and controls that the business will dedicate to meeting their anti-money laundering compliance obligations.
An anti-money laundering (AML/CFT compliance framework will set out how the business entity will undertake AML/CFT training, staff vetting, how customers will be verified, the type of information required to be obtained from customers and risk profiling, monitoring and reporting protocols.
An anti-money laundering compliance programme demonstrates the business entity’s commitment to meeting regulatory expectation.
Reviewing an AML/CFT Compliance Programme
The size and complexity of the business entity will reflect the frequency of undertaking an anti-money laundering compliance review.
Industry practice is for reviews to be undertaken at least once a year.
Anti-Money Laundering Compliance Officers should document how the review is undertaken, the results and any steps taken to remedy detected weaknesses.
How Does an AML/CFT Health Check Assist?
AML360’s AML/CFT Health Check has selected 70+ common hot spots known to cause problems. Often these problems are only detected at the time of an independent AML/CFT audit.
The AML360 Health Check can be used as an internal review and a Pre-Audit check of the compliance status.
References to New Zealand’s AML/CFT legislation is included, along with tips and prompts to remedy any identified weaknesses.
Strengthen AML/CFT Compliance
An AML/CFT compliance review should include the testing of ‘red flag’ alerts that the business relies on for detecting suspicious activity.
AML360 can provide your firm with a anti-money laundering transaction monitoring solution for validating and testing your rules.
AML360 also provides testing for client risk profiling.
Utilising a reliable approach when carrying out an anti-money laundering compliance review will be looked upon favourably by AML/CFT auditors and AML/CFT supervisors.
Keep Stakeholders Informed
The importance of meeting anti-money laundering compliance is relevant to protecting the brand and reputation of a business.
Business to Business (B2B) relationships often result in enquiries on what steps a business takes to ensure AML/CFT compliance obligations are being met.
The AML360 Health Check can be beneficial for many different purposes. It is an easy-to-use online platform to guide you to a compliant status.