AML stands for anti-money laundering and comprises a set of regulations designed to stop money laundering. Your company’s anti-money laundering policy keeps your company from supporting criminal and terrorist organizations that need money laundering to operate effectively.
Money laundering is the process of switching “dirty money” that was acquired through crime with “clean money” that is not associated with a crime. By using “dirty money” in legitimate transactions, it is “cleaned or laundered”. Global AML compliance is meant to stop this from happening by identifying transactions before they happen.
To combat money laundering on a global scale, many parts of the world have anti-money laundering policies in place that you must adhere to do business in those areas. To that end, companies implement their own AML practices to remain in compliance.
An effective AML policy includes three focus areas: training, testing, and reporting. Companies use a combination of these focus areas to reduce the risk of falling victim to a money laundering scheme.
Training staff members is the most important step. Most people are unaware of what money laundering can look like from day to day, which stops them from being able to do anything about it. Training is usually provided through internal training programs, including an anti money laundering course online. Every company develops its own program using effective training tools like the ones that you can get from SILO Compliance.
SILO Compliance provides state-of-the-art training resources to help you overcome many of the problems that staff members have in training programs. They usually find training boring and tedious. With our resources, you can develop a program that is engaging, memorable, and (most importantly) more effective. We even have resources to help staff members study at their own pace through an online platform. With the most common training problems out of the way, you can efficiently prepare your staff for the AML work that needs to be done every day.
Companies test their internal systems periodically to make sure that they working. This includes testing employees with real world simulations and other testing methods to make sure that your AML policies are effective, and that staff members know what they are. Some companies hire AML compliance consultants to help with the testing process.
Every jurisdiction around the world that has AML compliance policies also has mandated reporting. Your company has to prove that it actively trains and tests its staff and systems to comply with AML policies. Without dedicated AML compliance software, this can be a difficult process.
SILO Compliance is a company dedicated to making AML compliance easier for companies that want to operate on a national or global scale. Our AML compliance software makes it easier to design a compliance system for your company, train your employees, keep records, and complete mandatory reporting processes.
Your company can benefit from a system that makes AML compliance easy so that you can focus on your other priorities with peace of mind. Call SILO Compliance at +1 501-422-8030 to schedule a consultation. We can help you make AML compliance simpler, easier, and less intrusive to your other operations.Request Demo