Anti Money Laundering Compliance System

  Most industries now require all staff and management to undergo anti-money laundering training annually. Banking, insurance, law and accounting firms, trust and corporate services providers and others have anti-money laundering regulatory obligations and ongoing AML training requirements. This is because these industries are often dealing with high value transactions, international banking transactions and complex corporate structures that can be used to hide currency transfers that hide criminal proceeds. Here are 3 methods to shore up anti-money laundering training . Check out SILO Compliance Systems...

  In business, one of the most important assets that you have is capital. Every company looks for ways of generating more revenue, but there are limits to how your company can acquire and use its money. If you are not careful, money laundering could become a serious problem that puts the future of your company on the line. This is especially true in international business operations where money laundering becomes more difficult to predict and track. Although you don’t want to be involved in a money-laundering scheme, there is a real chance that someone will use your company for their own, nefarious ends.  What is AML Compliance? Anti-money laundering compliance practices have proven effective at reducing criminal activity on a global scale. This includes anti-money laundering training for your staff and implementing AML compliance software to automate and check for potential fraud. These are all components of a strong corporate AML compliance prog...

  In a previous newsletter I spoke on three basic steps required when conducting a risk-based approach risk assessment of your business. Step one was to assess the risk of the four different categories within your business which include clients, products, countries, and channels. The second step was to determine what your business’ risk appetite is. And the final step is to review your internal controls. In today’s article we will look a bit more in detail at how to assess your business’ clients, products, countries, and channels. The first category we have are your clients. Remember to keep in mind that you want to tailor your risk assessment based on your institution or firm. All businesses are different and will require different policies, procedures, and controls based on who and what you are dealing with. Let’s start with an easy enough question in terms of your customer base; Who are your customers? Sounds simple enough, but you’ll need to dig to find out information on who y...

  Cybersecurity article series: Cybersecurity risk analysis Staff training Detecting a breach and immediate action Recovering from a breach Cybersecurity risk analysis The first in our series of articles on cybersecurity will cover aspects of risk analysis for your business. Risk analysis is something that everyone in the world of regulatory compliance and AML is familiar with and deals with every day. For the most part though, our focus tends to be on external risks like new clients, businesses and industry practices. When performing a risk analysis on our assets in relation to cybersecurity, we must also have a clear focus on internal threats.

  In the world of Compliance, risk assessments are the foundation of a protected business. Knowing what risks are out there, how to mitigate them, and what your risk appetite is, will all help to ensure vulnerabilities and shortfalls can be addressed and managed properly. Just like with compliance, IT risk assessments are especially important because the risk landscape is constantly evolving, making it harder to keep up with the changes in risk to your business. Risk assessments can also help to keep costs under control and make audits more efficient. The following steps will assist your business in undertaking a quality IT risk assessment. Identify all possible  vulnerabilities : Make time to document all the possible vulnerabilities that could pose a risk to your business. Include ransomware, DDoS attacks, phishing campaigns, possible routes into your networks and which departments or personnel are more vulnerable than others. Also note any gaps in your current security po...

  As an avid reader, my favorite genre is mystery.  A good mystery writer will drop a clue now and then, just enough to keep me guessing and occasionally I may be able to figure out who did the deed once I reach The End. However, as much as I love a good mystery, a compliance manual should not read like one.  And yet, sadly, so many do.  Too many require the reader to hunt for the clues to a company’s anti-money laundering (AML) processes and policies and approach to risk analysis.

  SILO is Designed to Make AML Compliance Simpler, Faster, and More Comprehensive.  If you’re constantly updating spreadsheets to manage your Anti-Money Laundering customer due diligence obligations, SILO Compliance System is for you. AML compliance is too important to be managed on a spreadsheet or through a “module” bolted on as an afterthought to an accounting or document management system.