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Subject:How to facilitate AML procedures with an automated system

The world of Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) compliance is constantly developing. The relevant Laws are being amended frequently to keep pace with international regulations and procedures. As an AML/CTF professional, you are probably under  pressure to follow the changes within international bodies and organizations on the domestic and global levels, and as a result, in search of advanced AML procedures to update your KYC and due diligence policies.  WiseBOS ERP can help!

 

Why you need advanced AML procedures

First, the aforementioned regulatory requirements have caused significant changes in the existing AML policy. AML procedures now need to go far beyond the basic KYC approach, including a number of questions that need to be addressed to a new customer as well as throughout the established business relationship with the existing clients. They are based on FATF recommendations, requirements of AML Laws and EU AML directives. It is a sophisticated on-going process, an extensive analysis, during which the information needs to be systematically reviewed and assessed.

Secondly, regulated entities are required, among others, to scrutinize certain data related to their local and international clients in order to build a comprehensive economic profile of the customer. The Enhanced Due Diligence (EDD) needs to be carried out in respect of high-risk clients. Corporate service providers and financial institutions must follow a risk-based approach to categorize the clients and apply relevant measures establishing and recording the source of funds/wealth of PEP and other high-risk business relationships. 

Finally,  AML procedures must apply rigorous and meticulous processes focused at risk assessment, in-depth analysis and monitoring of clients’ behaviour to differentiate legitimate transactions from fraudulent ones.

 

For these reasons, it is very important to implement advanced AML procedures to obtain and properly maintain all documents and verified information with an easy and secure access. An automated system thus becomes necessary to manage this complexity.

 

How the automated software WiseBOS ERP facilitates AML procedures

In numerous cases, the poor performance of AML practice is the outcome of inexpertly designed software. AML software must be an integral part of AML strategy and of high quality. Most importantly, it must be in full alignment with all the latest relevant Laws and regulations to deliver automated monitoring and support.

The WiseBOS software provides a comprehensive solution for regulated businesses and professionals facilitating due performance of AML procedures. Practical applications of WiseBOS vary from document management and risk evaluation to compliance reporting. Here are the most significant reasons for implementing the WiseBOS automated AML software while conducting advanced AML measures:   

  • It provides document management, automated warnings and reminders. Not even the most explicit manual work of maintaining records can be compared with the automated program. The accuracy of the data, automated reminders on the expiration of significant documents become crucial when it comes to AML procedures.
  • It supports categorisation of the clients, risk evaluation and monitoring. Only the computerized solution can assist in identifying and flagging high-risk individuals such as PEPs. Assessment is performed via a risk evaluation wizard and other mechanisms, which are built based on advanced scoring and metrics models.
  • It allows you to keep abreast of persistently shifting regulations and sanctions. The automated AML software is constantly being updated with the latest economic and legal developments.

Would you like to learn more about how WiseBOS ERP can easily be implemented for your business and help you streamline your AML processes?

We are here to help. Get in touch today!