AML compliance monitoring – how to report

The frequency of when a business should carry out AML compliance monitoring will depend on a number of principles such as –

• The nature, size and complexity of the business;
• Whether any material changes have occurred such as developing a new product or service;
• Regulatory changes have occurred;
• An AML compliance breach has resulted.

Many businesses still use a manual process for developing and maintaining a monitoring framework. Because manual processes are time consuming, this is not the most efficient way for maintaining your risk assessment.  A manual process is laborious and therefore there is a greater chance that your AML Compliance Officer will put the task on the back-burner.

AML360 software allows your business to establish a monitoring framework to capture all AML regulatory obligations. The system displays the legislation or regulatory source that the obligation relates to, as well as the risk score for that particular requirement. Should your business need to escalate any matter for tracking and reporting, your AML360 console will record all tasks carried out and instantly let you know what matters are open and closed.

AML compliance monitoring is the key to staying on top of regulatory expectation. Additional to the day-to-day monitoring your business carries out, you should also be undertaking a holistic review of the strengths and weaknesses of the overall AML compliance framework.

AML360’s software can be pre-configured to meet your regulatory requirements which will allow your business to quickly and easily maintain ongoing AML compliance monitoring and reporting. This gives you peace of mind that not only is your business on top of regulatory expectations but you are also applying industry best practice.

Develop your AML/CFT compliance framework the right way. For New Zealand businesses, AML360 provides a AML risk assessment which is accompanied by a comprehensive AML compliance manual to guide you in the development of your programme.  We ensure you have all the information at your finger tips to understand the results.

We also provide transaction monitoring, client profiling and case management for a monthly subscription of $69 per month.  This gives you a personalised AML risk register from where you can easily update, monitor and report. Heat maps and drill down filters make it really simple.

Don’t allow your AML compliance framework to have weaknesses. Identify hot spots early. Select our easy option to develop and easily apply ongoing compliance maintenance.

More about AML360

AML360 is passionate about helping small and medium sized businesses meet their regulatory compliance commitment without sweating over small stuff.  We achieve this through automation.  Data capturing, measuring, reporting and recording are carried out simultaneously.  

We have been recognised as leading software vendor for money laundering compliance.  

What are you waiting for, get in touch and get your money laundering risk assessment.