Anti-Money Laundering Compliance and How To Avoid An AML/CFT Compliance Breach
To meet regulatory expectation of risk-based anti-money laundering compliance laws, businesses should be utilising AML/CFT solutions for automating risk-based customer reporting and ongoing monitoring solutions. Without such compliance tools, an AML/CFT Programme is likely to be failing to meet regulatory expectation whilst also experiencing high compliance costs due to labour intensive processes. Avoid a compliance breach, reduce compliance costs and improve compliance efficiency with AML360™. AML360™ provides your business with options of simple and easy to use solutions that automate structured risk-based reporting. Most importantly, AML360™ is affordable.
The Department of Internal Affairs (the DIA) takes further Enforcement Action
Anti-Money Laundering Compliance impacts on money transfer businesses. Also known as money remittance services, are considered high risk to unwittingly facilitating money laundering and/or financing of terrorism (ML/FT). For these reasons the Department of Internal (the DIA) in their role as an AML Supervisor, closely monitors the ML/FT compliance levels of this industry.
To date the DIA has taken a number of enforcement actions against such money transfer businesses with the most recent receiving a judgement on civil penalties for non-compliance of failing to administer and maintain a risk assessment and programme. Additional failings related to lack of customer due diligence and transaction monitoring.
Discover your firm’s AML/CFT compliance status with an AML/CFT Health Check.
We can assist your business with a Pre-AML/CFT Audit. AML360™ specialises in providing businesses with an internal review processes that is fast and comprehensive. Learn what your AML/CFT compliance weaknesses are with a Pre-Audit Health Check.