Consultant Case Study: Aub Chapman Consulting Services
We invited AML/CTF consultant, Aub Chapman from Aub Chapman Consulting Services, to share his thoughts on why he uses AML Accelerate on client engagements.
When I’m doing independent audits, I find that clients have deficiencies or misunderstandings in two fundamental areas. The first is, do they really understand the risks that their industry or their business faces and often therefore their risk assessment is deficient. The second major area where I find there are problems is that they’ve done their risk assessment but they haven’t actually mapped that into their AML program and there are gaps in how they do their transaction monitoring for the different types of clients and the risks they represent. These are challenges that we need to spend more time educating our clients and educating industry on what it actually means.
One of the keys to this exercise is ensuring that clients use the best software available and there are a number of products out there, including Arctic Intelligence’s AML Accelerate. I find AML Accelerate covers all the regulatory requirements in a way that clients, even if they’re not AML experts, find easy to follow and it makes sense to them. Many of my clients have ditched their old products because it was in-house built, or it’s out-dated, and they’ve moved to this technology.
The thing I like about AML Accelerate is that it is updated regularly and keeps the clients’ knowledge current. I’m a great advocate of the product.