Anti Money Laundering Compliance System

  Security controls continue to advance in order to keep financial businesses stress- and fraud-free. Though, not everything in the garden is rosy: incorporating new measures doesn’t come as smoothly as it should. Business owners have to invest their time and resources in renovating their Anti-Money Laundering ( AML) and Counter-Terrorist Financing (CTF) policies, building compliance programs more steadily.

  With the prevalence of cyber-related attacks and data breaches, it is easy for the focus of small business leaders to be drawn away from the physical security of their organization. But without a solid base of physical security, the policies and procedures we put in place to mitigate cyber-attacks become useless. When implemented correctly, physical security should: Prevent unauthorised persons accessing your premises, information or assets; Maintain the trust and confidence of the people and organisations you serve or work with; Deliver services without disruption in the event of a disaster; Meet any regulatory obligations your business falls under. Put simply, physical security is the combination of physical and procedural measures implemented to mitigate risks to your people, information and assets. Just like with any other steps we take to minimise potential harm to our businesses, the best way to start is with a risk-based approach. The people, information, physical assets a...

  An anti-money laundering program is a set of regulations and procedures that financial institutions follow to prevent and detect money laundering or terrorist financing activities. Request demo AML Compliance Software at SILO Compliance Systems.

  Acuris Risk Intelligence, a provider of data intelligence and cybersecurity professionals, recently announced its partnership with diligence management solutions provider SILO Compliance System to enhance  Anti-Money Laundering  (AML) efforts. Based in the Cayman Islands,  SILO Compliance  is a comprehensive and risk-based diligence management solutions platform, providing its services to corporate service providers, law and accounting firms, and other financial organizations services providers that observe AML regulations. Established in 2004 as C6,  Acuris Risk Intelligence  has now become as one of the top suppliers of proprietary data on PEPs, sanctions, and AML data for due diligence and compliance. It’s a trusted and independent provider of data intelligence for anti-money laundering, anti-corruption, and cybersecurity professionals. The company claims that it combines a world-class dataset, that includes fraud and  cybersecurity  con...

  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...