Switzerland has a robust economy that makes it a prime target for any legitimate business. With the right investments, a company could easily thrive in such a large market. However, it is also a target for money launderers.
Since the passing of the anti-money laundering act, every company operating in Switzerland that can be used to launder money must have an AML compliance program. Unfortunately, setting up such a program can be a difficult process. SILO Compliance can provide the software, training resources, and consulting services that your company needs to build a strong AML compliance program. Call us at +1 (501) 422-8030 to discuss your compliance program needs in detail.
Anti-Money Laundering Ordinances
Anti-money laundering ordinances play a critical role in how your AML compliance program functions. It must be designed to cover regulations and potential problems related to money laundering so that you can work without worrying about criminal activity. A successful program focuses on the different types of due diligence, which can quickly draw out money laundering practices.
The CDD AML (Customer Due Diligence AML) process is common and focuses your efforts on understanding each customer. If you look closely at the customer and the transaction, you can spot inconsistencies that may point to criminal activity. Likewise, AML KYC CDD (AML Know Your Client Customer Due Diligence) focuses on getting to know your long-term clients. Banks, in particular, are subject to this since they have an obligation to take a deeper look at their clients before facilitating long-term financial relationships. Building these two due diligence practices into a compliance program can yield positive and lasting results.
SILO Compliance is focused on helping companies resolve issues that affect how they manage AML compliance. Call us at +1 (501) 422-8030 to take advantage of any of these services:
Once you have AML policies planned, training is the way to implement them. SILO Compliance has the resources to help you build an effective training program. We offer resources to help you develop a training program that is engaging, self-paced, and filled with up-to-date content so that your staff members are fully prepared for any money laundering practices that they may encounter.
The software that you use makes a big difference in the success of your program. SILO Compliance has software designed for a variety of uses so that you can build a program that meets your needs. The customizability and focus on business needs is especially important in anti-money laundering software for banks and other financial institutions. See everything that our software has to offer by requesting a demo.
Sometimes, companies need specialized help in developing a program that is designed to fit their specific needs. Our Compliance Consultants work with you to determine where your program is struggling and help you refine it so that you are not taking unnecessary risks.
Learn More About AML Solutions from SILO Compliance
AML compliance can have a major impact on your company, which is why you should do everything that you can to build the best AML program possible. Work with SILO Compliance to build new policies or refine your existing program until it is exactly the AML protection that you need. Call SILO Compliance at +1 (501) 422-8030 to discuss your AML compliance needs in detail.