• We are experts in AML compliance so you don’t have to be

    We specialise in financial crime prevention compliance and risk management and have deep domain expertise in this space. Our
    hard-fought and unparalleled experience has allowed us to design and build the AML/CFT Program Manual to meet your compliance obligations in an efficient, easy and affordable way.

    www.amlaccelerate.com

AML/CFT PROGRAMS

Financial crimes like money laundering, terrorism financing, fraud, and tax evasion are costing the world’s economy trillions of dollars every year.

Governments are under increasing international pressure, driven by the Financial Action Task Force (FATF) to expand AML/CFT laws to include ‘gatekeepers’, which are increasingly targeted by organised crime to launder the proceeds of their criminal activities.

This trend will see millions more companies across a diverse range of sectors in hundreds of countries, needing to comply with increasingly complex regulation, which presents a significant challenge to regulated entities that often lack the skills, experience and resources to develop a comprehensive AML/CFT Program.

What is AML Accelerate?

AML Accelerate Pty Ltd is a joint venture between Arctic Intelligence and Initialism to provide solutions, including an automated AML/CFT Program Manual that enables regulated businesses to accelerate their AML compliance efforts at an affordable price regardless of their size, industry sector or geographic location.

Problem Statement

At the heart of AML/CFT law and regulation is a mandatory requirement to perform an ML/FT Risk Assessment contemplating environmental, customer, business profile, channel, product and country risks, to identify, analyse, mitigate and manage ML/FT risks.

Based on the ML/FT Risk Assessment, organisation’s must then develop an AML/CFT Program of controls that is proportionate to the identified risks and which clearly outlines how the organisation’s policies and procedures address the mandatory requirements, including (but not limited to):

  • Governance and oversight of the AML program
  • Customer identification / know your customer
  • PEP and sanctions screening
  • Ongoing customer due diligence
  • Transaction monitoring
  • Suspicious activity and matter reporting
  • Employee due diligence
  • AML risk awareness training
  • Record keeping

How we solve it

The AML/CFT Program Manual provides a structured process for a number of foundational and mandatory components to achieve compliance with AML laws:

  • Company Information
  • ML/FT Risk Assessment
  • AML Program
  • Customer Due Diligence (CDD) Standards
  • AML Operating Manual
  • Supporting Documents (i.e. glossary, country risk assessment and reference library)

The AML/CFT Program Manual has been purposefully designed for regulated entities in different countries and over 30 different industry sectors.  Based on a proprietary methodology, AML Accelerate supports the creation of tailored AML Programs leveraging domestic and international guidance from a comprehensive and diverse range of recognised sources and leveraging AML Accelerate’s combined decades of AML compliance experience.

to be able to create a bespoke AML Program based on the proprietary methodology, which has been based on domestic and international guidance from a diverse range of recognised sources, as well as, combined decades of AML compliance experience.

The user simply selects their country and industry sector and provides answers to a series of questions designed to assess the organisation’s ML/TF risk profile and automatically generates an ML/TF risk assessment, an AML Program, Customer Due Diligence Standards and an appendices containing a country risk assessment across over 200 countries and territories.

From the system generated documents, the user can edit and then publish these, which automatically generates the reports and stores these in the audit history for future reference.

What is the AML/CFT Program Manual?

AML Accelerate, drawing on unparalleled expertise and real world experience, has developed an AML/CFT Program Manual tailored to over 30 industry sectors, that can be further refined based on the exact size, nature and complexity of your business, ensuring that your AML/CFT controls are commensurate with your business and where possible leverage your existing business processes.

The AML/CFT Program Manual follows a structured approach to assessing Money Laundering and Terrorism Financing risk based on international and domestic guidance, using tried and tested frameworks and methodologies that have been proven in the field.  Our subject matter experts have embedded decades of AML compliance knowledge and experience into the AML/CFT Program Manual, which means you simply need to provide the answers to a series of guided questions and the platform will automatically generate the outputs which will rapidly accelerate your AML compliance efforts.

The AML/CFT Program Manual includes:

  • Comprehensive information about your business that will contextualise your organisations ML/FT risk profile
  • A ML/FT risk assessment that allows you to identify, assess, mitigate and manage the real ML/FT risks faced by your business
  • An AML Program containing controls that address your legal and regulatory obligations
  • Customer Due Diligence standards that align local requirements and international best practice
  • An AML Operating Manual that guides you through the AML controls that you will be required to implement
  • Supporting documentation including a glossary of key terms, a country risk assessment containing over 200 countries and a reference library

Our team constantly monitors for changes in regulatory requirements, alerts you to these and maintain the AML/CFT Program Manual to include new guidance and ML/FT risk typologies whenever law or regulations change, so you can be confident of continued compliance with AML laws.

How it works – in six easy steps

  • Enter Company Information

    The user is first required to select their country, industry group, industry sector and other information about the organisation which starts to tailor the program.

  • Complete ML/FT Risk Assessment

    The user is then guided through an ML/FT risk assessment questionnaire covering environmental risk, customer risk, business profile risk, channel risk, product / services risk and country risk, which automatically creates a tailored ML/FT risk assessment.

  • Create the AML/CFT Program Manual

    Based on the information provided in the first two steps an industry specific AML/CFT Program Manual is automatically created.

  • Create the Customer Due Diligence Standards

    Based on the country selected, the customer due diligence standards will also be generated.

  • Create the Appendices

    The AML/CFT Program includes a number of supporting documents including a glossary of key terms, a country risk assessment across 200+ countries and a reference library based on internationally recognised methodologies and frameworks.

  • Review and Publish All Documents

    After creating all of the draft documents the user can review and edit these before committing their final changes and publishing the documents which renders them as final versions and stores these as PDF documents.

Solution Overview

Click here to enlarge.

Other Activities

  • Create AML/CFT Operating Manual

    The AML/CFT Operating Manual is also automatically created and is designed to guide you through the core elements required to implement the AML/CFT Program.

  • Updated and Refresh

    Our team will also monitor for changes in AML laws and regulations and update the AML/CFT Program to reflect AML guidance on new and emerging threats.

In the media

Our subject matter experts are recognised as thought leaders in financial crime prevention and are regularly featured in leading GRC publications showcasing our knowledge and experience. We often present at conferences and have done our share of webinars too!

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