Anti Money Laundering Compliance System

  AML regulations have been changing rapidly in recent years, both in-depth and breadth. The AML 2020 Act, for example, includes the most sweeping changes in AML laws since The Patriot Act was passed in the wake of 9/11 in 2001. Among other changes, the new act focuses on: Eliminating anonymous holding companies  Expanding its definitions to include antiquities traders and virtual currencies This means companies are required to know exactly who their customers are, and businesses that facilitate the transfer of virtual currencies are under greater scrutiny. To learn more about AML compliance , check out our website. It will walk you through the best practices you need to help keep bad actors away from your business.

  Anti-money laundering training (AML) is a critical part of any business that operates in the international financial sector. Any allegations of money laundering involving your organization can cause serious reputational damage, incur severe penalties, and significantly damage one’s career. As the AML Compliance Officer, Money Laundering Reporting Officer, or Risk Manager of your company it is important that you can demonstrate you have provided adequate AML training. A company’s weakest link is always one of the employees – so company-wide money laundering awareness and compliance training are very important because it can help protect you and your organization from severe penalties if you can prove you provided sufficient and relevant AML training . While everyone understands that effective anti-money laundering training is essential, not everyone understands how to build an effective training program. The process is relatively simple and can be summed up in four steps: Use Real...

  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...