by InScope-AML

May 18, 2022

Automating robust and consistent AML processes

One of the biggest AML compliance management challenges facing professional services organisations today is establishing and automating robust and consistent AML processes. Or, making sure the right things are done, by the right people, at the right time. Process sits at the heart of compliance. It provides discipline, auditability and security; it also insulates the business against unnecessary risk.

Automating AML processes and digitisation has a vital role to play in ensuring the consistent application of standards and the elimination of human error. The acceleration of digital transformation initiatives since the millennium has been driven, in part, by process optimisation and operational efficiency objectives. However, within heavily regulated industry sectors, they also have a huge role to play in ensuring quality of output and regulatory compliance.

Without the discipline that comes from specialised AML systems, it can be difficult to employ, and consistently apply, process. Everyone is an individual, and with the best will in the world, if manual processes are in place, inconsistencies and errors will occur. Auditability is another core component of compliance. Manual processes make it difficult to enforce accountability, or ensure the right actions are being taken by the right people.

Ensuring that the right processes are in place, and are enforced consistently, improves process efficiency, reduces risk and provides an improved user and customer experience.

The benefits of process automation kick in immediately. When onboarding new clients, it ensures the right information is gathered, first time, every time. Depending on the risk profile of your client, you will need to gather different types of information. Having a defined, risk-based process in place avoids unnecessary back-and-forth with new customers. It also ensures that any risk assessment is undertaken objectively and that the appropriate authorisations are sought in onboarding new clients.

Beyond onboarding, processes need to be in place that ensure effective ongoing client management and compliance. This includes monitoring of change events, managing document expiry and renewal, keeping abreast of changing local and national sanction lists and ensuring that risk assessments are carried out when due.

Enforcing consistent processes through software also simplifies employee onboarding and makes the departure of key employees less dramatic. If the corporate memory resides in an individual, rather than within a core business application, the transition from the outgoing to the incoming compliance officer can be unnecessarily risky and lead to business disruption.

Automating AML processes is the cornerstone of effective AML compliance management, and this can only be achieved through the right software.


For more information about InScope-AML, please download our eBook here.

If you are interested in scheduling a one-on-one discussion with one of our consultants, you can book a call here.

Or schedule a demo for an in-depth look into InScope-AML.

Share this...

Facebook logo Pinterest logo X (formerly Twitter) logo LinkedIn logo

You May Also Like