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?
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.