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