You have to check and recheck your AML processes and controls are working.

Challenge

Regulators require banks to go beyond simply complying with the laws/regulations, they expect banks to prevent money laundering, or at the least to report it.

Having comprehensive AML checks and controls is only the starting point, banks have to thoroughly monitor and test these are working.

Maestro-Solution

GRC-Maestro helps ensure banks AML processes, checks and controls are operating as designed. Periodic monitoring helps give Senior Management comfort in their AML control regime, along with regulators, investors and correspondent banks.

Using GRC-Maestro, banks can evidence full compliance with statutory/regulatory rules, best practices and internal controls:

Periodic AML Reporting

Banks need to periodically audit the effectiveness of their AML checks and controls. These results need to be formally recorded and reported to relevant Senior Management.

Periodic KPI Reporting

An essential part of monitoring the effectiveness of a firms AML procedures and controls is maintaining Key Performance Indicators (KPIs). By monitoring KPIs over time it is possible to both give Senior Management comfort that the bank's controls are working and identify potential anomalies.

Investigating & Resolving Identified Issues

Where weaknesses, deficiencies or errors are identified as part of monitoring and testing AML procedures and controls these have to be flagged investigated and resolved. All material issues have to be formally escalated and reported to relevant Senior Management.

GRC-Maestro

Prove Compliance – Evidence your Governance, Risk & Compliance (GRC)

Automate GRC – Run manual checks and processes automatically

Low Cost – Quick and easy to use + low pricing