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Consultant case study: Clement advisory group

Gary Clement - Advisor

We invited AML/CTF consultant, Garry Clement from Clement Advisory Group, to share his thoughts on why he uses AML Accelerate on client engagements.

Having working in the financial crime and anti-money laundering (AML) arena for over four decades, firstly in law enforcement and most recently as a consultant, it has become abundantly clear that establishing an effective risk assessment requires a detailed methodology and a complete understanding of all business practices. Since 2007 I have been fortunate to work as a consultant for many financial companies in various sectors to help them design their AML program. What has become abundantly clear is that I, along with many other subject matter experts, have not done an efficient and effective job in helping design risk programs.

Over the last few years I have been able to review a number of FINTRAC audit reports and many of them have the same message. “Although your organization provided a documented risk assessment, it is incomplete as it does not assess your clients and business relationships within your organization’s operations.” When I was first contacted by Anthony Quinn, CEO of Arctic Intelligence and asked to review their products, I was initially sceptical that any automated program could be efficient and effective and ensure that an organization’s risk program would stand the expectations of our regulators. I was definitely wrong and once I had the opportunity to test the product realized that currently there is nothing in the market, to my knowledge, that comes close.

The program ensures complete documentation of all required risks and provides a step-by-step guide to ensuring all aspects are assessed and scored objectively. For any organization that wants to ensure they have a clear understanding of their risks and will be able to meet regulatory expectations, this is the solution at a very affordable price.

Garry W.G. Clement, CFE, CAMS, CFCS