Maestro-Solutions for

Anti-Money Laundering

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AML & preventing terrorist financing, probably the biggest risks in Financial Services!

The prevention of money laundering and terrorist financing has united the financial regulators in taking firm and resolute action.

Firms have been shut down because of poor Anti-Money Laundering (AML) management while the fines have escalated to a level where they can exceed profits.

Our AML Governance solution enables clients to protect their business by evidencing compliance with the regulatory requirements:

  1. Management Body Oversight: Ensure that Senior Management have thorough control over AML
  2. Resources/Expertise: Show regulators that the firm has dedicated sufficient resources to AML (personnel, systems, data, etc.)
  3. Size/Complexity: Assess the AML framework (policies/procedures/controls) based on the size and complexity of the firm
  4. Monitoring/Reporting: Show that the firm’s AML policies, procedures and controls are monitored, results are reported and actions taken

GRC-Maestro keeps the records you need to show: the who, what, when and why regarding AML Governance.

The first step in building an AML regime that is fit for purpose is to undertake a comprehensive AML Risk Assessment.

Knowing your AML risks is essential because your whole AML regime is built on the AML risks that your firm faces.

Our AML Risk Assessment solution enables clients to protect their business by evidencing their AML analysis and shows regulators that the whole AML regime is built on a solid base, including:

  1. Policies and Procedures: Ensure that AML policies and procedures are complete and up-to-date
  2. Training: Record the training requirements of Directors, Senior Managers, AML Officers, etc.
  3. Products and Services: Assess the AML risk posed by the firm’s product mix
  4. Firm Level Assessment: Determine the firm’s AML risk level
  5. Sanctions and PEPs: Record the firm’s approach to Sanctions Monitoring and PEPs

GRC-Maestro keeps the records you need to show: the who, what, when and why regarding your AML Risk Assessment.

After undertaking an AML Risk Assessment and implemented AML Governance your firm needs to ensure that the AML policies and procedures have been implemented and are working as specified.

AML Monitoring must be conducted on a scheduled and repeating basis at a frequency determined by the risk. At the very least, AML monitoring has to be annually.

AML Monitoring has to be formally executed and the results reported. Regulators usually specify key areas that the AML Monitoring should cover, including:

  1. AML deficiencies: List all material deficiencies identified by monitoring in the current period or open at the end of the last monitoring period, including a description of actions taken/being taken to resolve them
  2. Internal controls: The success or failure of current internal processes, systems and controls in preventing or identifying money laundering over the period
  3. Resourcing: An assessment of the adequacy or otherwise of existing AML resources (staffing, systems, data, etc.)
  4. Suspicious transactions: The number of internal suspicious transaction reports and those which were investigated and subsequently reported to the national AML agency

GRC-Maestro keeps the records you need to show the AML Monitoring performed, issues flagged and resolutions implemented.

References

Regulatory Jurisdictions

AML Governance

Regulators require firms to draft and implement detailed policies, procedures…

AML Monitoring

Regulators expect firm to ensure their procedures and controls to…

AML Risk Evaluation

Regulators require firms to undertake a periodic AML Risk Evaluation to…

Preventing Financial Crime

The UK FCA have published a detailed guide to preventing financial…