ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM (AML/CFT) HEALTH CHECK

Since 2008, banks have paid over USD$261 billion in fines for non-compliance with financial crime laws.  Many AML/CFT Programs are falling way short of what regulators expect of them, allowing organised crime to launder trillions of dollars a year through the world economy.  We built the AML/CFT Health Check to help regulated entities assess the effectiveness of their AML/CFT Programs and identify, track and manage, deficiencies which could expose them to significant financial, regulatory and reputational risk.

There are now over 200 Financial Action Task Force (FATF) member countries that are subject to mutual evaluations to assess the effectiveness of each countries AML/CFT legal and regulatory framework. Globally, AML/CFT legislations applies to millions of organisations, of different shapes and sizes, across a diverse range of financial and non-financial sectors, requiring them to comply with a complex and ever changing set of AML/CFT compliance requirements.

What is the AML/CFT Health Check?

The AML/CFT Health Check solution is an online platform dedicated to controls assurance and provides a structured framework for conducting independent reviews to assess the design and operational effectiveness of anti-money laundering and counter-terrorism financing programmes.

The AML/CFT Health Check platform has been designed to leverage best practices in risk management controls assurance and was built based on a logical hierarchy that links rules and obligations, with policies, risks and controls and provides a means of assessing compliance against obligations, prioritising responses, providing auditor comments and management responses, as well as, assigning actions and attaching documentary evidence to support audit findings.

After the assessment has been completed for each compliance obligation users can create executive summary reports directly from the platform, highlighting the key observations, findings and recommendations, as well as, actions, issues and risks identified during the review process.

The AML/CFT Health Check platform also contains rich data analytics that provide actionable business intelligence including; real-time operational dashboards for tracking open and outstanding actions, issues and risks; interactive reports which can slice and dice audit data in many ways including, drilling into particular areas of interest, as well as, benchmarking audit outcomes across different timeframes, divisions and countries, it can even summarise on a single page the compliance status across hundreds of compliance obligations.

Problem Statement

Financial crimes are occurring 24/7, 365 days a year and costs the world economy trillions of dollars. Anti-money laundering and counter-terrorism financing laws now apply to millions of organisation’s of all sizes, across a range of industry sectors and over 200 member countries of the Financial Action Task Force.

The stakes have never been higher for regulated entities to demonstrate to Boards and regulatory authorities that they have an effectively designed, implemented and maintained AML/CFT program and it is a mandatory requirement that these are subject to regular independent review.

The independent review process can be a time consuming and expensive exercise and often fails to deliver clear insights into compliance gaps or provide actionable business intelligence needed to make improvements to AML programs, with one-dimensional report outputs being of limited value to the organisation after the consultants have left for the next job.

Regulated entities need to have a robust framework for regularly monitoring the effectiveness of the AML/CFT compliance programme to assess whether it is adequate and proportionate; meaning, whether systems, procedures and controls have been designed in a way that are fit for purpose and have been implemented and are operating effectively.

The outputs of the AML/CFT programme review need to be provided back to top management and a commitment made for tracking and implementing continual improvement to address any compliance gaps identified if the organisation is to avoid material fines and penalties for non-compliance which for the global banking community alone has exceeded USD$260 billion, in less than a decade.

How it works – get started in 4 easy steps

Assess Compliance

Based on the country selected the AML/CFT obligations are loaded into the main assessment page where the end client can provide responses and audit teams can assess compliance against each compliance obligation, solicit management responses, create items (actions, issues or risks) and attach documentary evidence to support the assessment, with a full audit trail.

Generate Report

Once the AML/CFT Health Check assessment is complete users can create an executive summary report.  Once the report is generated it creates two simultaneous reports including a static (PDF) and an interactive (drillable) report, which provide meaningful insights into AML/CFT compliance data and helps to identify weaker areas of the AML/CFT Program.

Analyse Outputs

Once the AML/CFT Health Check report is generated, data is available to be analysed further using the Data Analyzer feature which applies big data analytics to the AML/CFT Health Check outputs and allows benchmarking of health checks over time (month or year), by Country, by Health Check and assess compliance of country-specific AML/CFT obligations on 1 page!

Deployment Options

On-Premise

Our solutions can be installed and run on your organisation’s hardware, behind your own firewall and fully supported by your own organisation’s IT support staff which provides control over how the software is used and maintained and provides peace of mind to organisation’s who may not entrust compliance data hosted outside their premises.

Our IT team can provide support to your organisation’s own IT staff to help get you up and running.

Private Cloud

Our solutions are also available to be deployed off-premise as a ‘software-as-a-service’ (SaaS) offering which can be deployed to any private cloud hosting provider of your choice, for example, Amazon Web Services, IBM Softlayer

Private cloud hosting could provide peace-of-mind that trusted cloud-providers that your organisation may already be using to host other software applications, can be extended to new software applications.

Shared Cloud

Our solutions can also be deployed in the cloud using our preferred cloud-solution provider, Microsoft Azure, which is trusted by 57% of Fortune 500 companies.

Microsoft has the highest standards of security, privacy, transparency and compliance to ensure your data is securely hosted in an in-country data centre, which can dramatically reduce your ongoing support costs in terms of staffing, hardware and software acquisition, ongoing maintenance and power consumption.

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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