How To Develop An AML Customer Risk Rating Model
The starting point for developing an AML Customer Risk Rating Model is to review the existing data that is captured across all customers or across most customers. Once the standardisation of your existing data is known, it can then be examined for relevancy to determining risks linked to Money Laundering (ML) and Financing of Terrorism (ML/FT). Where a customer has any data gaps a default ‘high’ risk should be allocated to that data score and modified once the gap is closed.
Automate AML/CFT Profiling and Reporting To Reduce Compliance Costs
Without automation of data processing and reporting, labour intensive resourcing will cause operational business costs to rise. AML360™ is a compliance management platform designed to remove AML/CFT compliance complexities.
In consultation with your business, configurations are set and tested by Anti-Money Laundering Compliance professionals. Your AML/CFT Compliance Officer will receive structured risk-based reports at the click of a mouse.
Know Your Customer
Know Your Customer means more than verifying identification. AML/CFT compliance obligations include understanding the individual risk characteristics of customers that either increase or decrease exposure to facilitating money laundering and/or terrorism financing.
Knowing individual risk characteristics across a client base strengthens the AML/CFT programme for ongoing monitoring and reporting.
By knowing the nature and purpose of the client relationship and understanding their expected account activity, businesses can demonstrate they hold adequate knowledge to detect any potential activity or transaction.