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Every firm that’s
subject to money laundering regulations must put AML compliance policies and
procedures in place, in order to minimise their money laundering risk.
Collectively, these measures make up the AML compliance efforts of a business –
or the extent to which a firm is complying
with global and national AML regulations.
In 1990, the Financial Action Task Force published a list of 40 formal recommendations for AML compliance. One of the key
takeaways from this list was the suggestion that every organisation in the
regulated sector should implement a risk-based approach to AML.
acknowledges that there’s no one-size-fits-all approach to AML compliance, which
can be rolled out across all the regulated organisations. Instead, a risk-based
approach puts the onus on the individual business to identify the key points of
vulnerability, and put sufficient processes in place where the threat is
laundering regulations are regularly updated , with new EU directives coming
out almost every year. These frequent changes in regulation can make it hard to
ensure that your firm is compliant, but by developing a bespoke risk-based
approach and creating an AML compliance checklist, you can ensure your business
covers all bases.
proud to offer an end-to-end AML solution that takes the stress out of AML
compliance. Our industry-leading service includes everything from initial
checks to ongoing monitoring, all in one user-friendly place.
automated service can carry out electronic ID verification in seconds, before
screening your potential clients and customers for sanctions, PEPs, SIPs and RCAs. If there’s a match, SmartSearch automatically performs enhanced due diligence so you don’t have to. Not to mention, all our
searches are automatically recorded in real-time on the system, and can be
recalled at any time to support audits.