AML (anti-money laundering) is a process by which a company can identify, track, stop, and report transactions that involve money laundering. Criminals and terrorists use money laundering to “clean” the money that they have. By putting it through legitimate transactions, it becomes harder to tell where the money comes from and more difficult for law enforcement to handle. AML compliance policies help countries and oversight organizations improve their efforts to stop money laundering on a company level.
When implemented, AML helps companies train staff members to handle suspected money laundering transactions. It also creates a framework for each company to use based on its oversight organization. By having these systems in place, companies also significantly reduce their risk of facing money laundering problems.
Effective AML practices begin with effective staff training. Your company’s staff is the best defense against money laundering provided you train each staff member correctly. Most people have limited or no experience with money laundering, so they won’t know what to look for when it becomes a possibility. Every company needs a training program not only for its own program, but to comply with regulations from financial oversight organizations from around the world. Call us at +1 501-422-8030 to discuss how we can help you with your AML training program. Having a partner that can help you with AML compliance can greatly reduce your risk of experiencing money laundering issues.
The training that you provide for your staff members is the most important part of your AML compliance program. The training gives all of the staff members an understanding of money laundering, how to identify it, and how to respond appropriately. This means that the quality of that training will determine how effective your program is at stopping money laundering.
While it is critically important to protecting your business, many businesses struggle with AML training. Employees often find it tedious and boring, which makes it difficult to fully learn any important lessons from the program. Fortunately, you can fix this with the help of SILO Compliance.
We offer training program resources that can help you develop more engaging and effective training practices. Call SILO Compliance at +1 501-422-8030 to discuss how we can help you set up a more effective AML training program.
Switzerland has long been the ideal for banking and other industries because of its effective balance of oversight and freedom. Unfortunately, this is drawing in criminals that are only interested in money laundering to fund their operations.
Switzerland’s response has been to create a robust anti-money laundering (AML) system that can bring many of these fraudulent transactions under scrutiny. With a strong focus on stopping money laundering, your company can continue to do business in the global economy provided that you can maintain compliance with specific regulations.
Because of the complexity of global AML compliance regulations, maintaining compliance can be difficult. This is especially true if you operate in multiple global markets. Fortunately, you can use the tools that SILO Compliance offers to develop an effective AML compliance training and management system that lets you operate in global markets while reducing your overall risk.
AML compliance is an important part of your ongoing operations and can prove to be a problem without the right resources and support. SILO Compliance offers a variety of training resources, including an online class, that lets staff members learn in ways that are more effective for them. We also have software systems that make it easier to provide up-to-date regulations data and training information. Call SIlo compliance at +1 501-422-8030 to discuss how we can help your company set up a better AML compliance program.
At SILO Compliance, we provide the tools and systems that your company needs to improve its compliance with anti-money laundering regulations. One of the main tools that we offer is anti-money laundering software that you can use to develop and manage an AML program.
Compliance often requires yearly training, continuous program administration, and mandatory reporting. Our system makes these processes easier by providing tools to streamline each operation. One of its best features is that we keep it up-to-date on the changes in regulations around the world. That way, you can keep your program compliant with the most current set of regulations available for where you operate.
We also offer the tools and resources needed for effective training. We even host anti-money laundering courses online so that your staff members can get the training that they need no matter where they are.Request Demo