by InScope-AML

September 06, 2022

Why you need Software for AML Compliance Management

Staying compliant with AML regulations has never been more challenging. But a lot of firms struggle to set up robust AML practices and adhere to them consistently. This is where specialised software for AML compliance can help.

In this document, we discuss challenges that organisations face when managing the AML risk and how specialised software can simplify the related processes, reducing the time and effort to improve AML effectiveness. In particular, we look at processes related to managing AML customer risk as explained in our blog post Five Steps to Managing AML Customer Risk. This is an area within AML that benefits a lot from automation since there are many critical time-consuming processes that need to be addressed.

This includes ensuring proper client onboarding processes, ongoing monitoring, and ensuring Enhanced Due Diligence (EDD) when required.

More specifically we discuss:

Challenge #1: How do you store client information?

Challenge #2: Is your onboarding process seamless?

Challenge #3: How do you maintain structure charts and calculate UBO percentages?

Challenge #4: How do you carry out Customer Risk Assessments (CRA)?

Challenge #5: How do you check your client database against sanctions, PEP lists and adverse media?

Challenge #6: Do you have all the facts and figures at your fingertips?

For an in-depth discussion on the above challenges, you can download our document “Using Software to Overcome Challenges in AML Compliance” here.

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