As one of the biggest economies in Europe, Germany is the perfect place for business. While many legitimate businesses work in the country without issues, there is the potential for being caught in a money-laundering scheme. The EU has strict anti-money laundering regulations to protect companies from criminal activity.
Your company needs an AML compliance risk management system to ensure that your company can effectively identify and respond to threats. SILO Compliance can help you develop that system based on your compliance needs. Call us at +1 (501) 422-8030 for help getting your AML compliance program running smoothly.
Anti-Money Laundering Regulations
The European Union anti-money laundering regulations delineate which companies need AML systems and who has a higher responsibility for AML compliance. Financial institutions are particularly susceptible to risks but also have the greatest opportunity to identify money laundering. No matter what your company does, it can benefit from the implementation of stronger due diligence measures. There are several types of due diligence to focus on.
CDD AML (Customer Due Diligence AML) practices are focused on learning what there is to know about your customers. When you do business with someone, conducting due diligence research is a quick way to tell if they may be involved in criminal activity. AML programs use CDD AML as a means of verifying that customers are not a major risk.
AML KYC CDD
AML KYC CDD (AML Know Your Client Customer Due Diligence) practices are designed for organizations with ongoing relationships, like banks. These organizations should know what is available to know about their clients, including their connections and deeper information. Having such deep insight and understanding of clients’ practices makes it easier to see when there is an unusual or potentially illegal activity. It is a more holistic view of the client that only comes from having a lasting relationship.
At SILO Compliance, we are focused on helping companies improve their AML compliance programs in order to meet the EU anti-money laundering directive. Call us at +1 (501) 422-8030 to learn more about the different ways that we can help.
Anti-money laundering ordinances are designed to help you keep your staff up-to-date on regulations. SILO Compliance provides updated training resources that match the current regulations and make training staff members easier.
SILO Compliance offers a variety of software systems that can streamline your AML program into a single system. Depending on the type of work that you do, customizable systems can be more effective in helping with AML practices. For example, anti-money laundering software for accountants makes it easy to conduct detailed due diligence around incoming transactions. See what our software can do for you with a guided demo.
If your company is having trouble building a more effective AML program, our compliance consultants can help analyze potential problems and develop solutions. They work with you to refine your anti-money laundering policy until it gives you the results that you need.
Learn More About AML Solutions from SILO Compliance
Every company could use some help with their AML compliance systems from time to time. Call SILO Compliance at +1 (501) 422-8030 to schedule a consultation with our team. Let us help you create an AML compliance strategy that gets everything right.