Anti-money laundering (AML) is a series of regulations developed in response to an increase in money laundering by criminal organizations and terrorist groups. These groups are funded by money gained through illegal means, and it can be tracked if they spend it. To avoid problems, they filter the money through legitimate businesses so it is no longer connected to the crime. AML practices try to stop transactions that could include money-laundering and help authorities track it to its source.
In Malta, the MFSA is responsible for anti-money laundering policies. Your compliance system must keep you in compliance with the MFSA’s regulations. However, you also have to be in compliance with the regulations in any part of the world that you operate in. making a system that can handle multiple sets of regulations can be challenging. Fortunately, SILO Compliance has anti-money laundering software that can help.
SILO Compliance focuses on making global AML compliance as simple and as easy as possible. Many companies operate in multiple parts of the world, which exposes them to different regulations. Our software stays up to date on the changes in AML regulations around the world. That way, your company can maintain compliance while focusing on other areas with relative ease.
The effectiveness of your AML policies rests on your ability to have your company’s staff implement those policies. Staff members throughout the company will directly interact with money laundering transactions. They need to know how to identify the problem and respond effectively, which depends on how well they are trained.
Companies set up AML training programs to maintain compliance with regulations and to teach staff members about AML policies. The effectiveness of your training directly affects your staff’s ability to implement policies. Make sure that every staff member is well-trained by incorporating resources with the latest data and AML techniques. Giving your staff up-to-date information about money laundering in different industries is one of the best ways to prepare them to respond to a money laundering problem.
The global economy is responsible for unprecedented growth in countries around the world. The ability to do business nearly anywhere makes it possible for your company to expand at a rate never before seen in history. Unfortunately, global advancement has also been the cause of global crime increases.
Money laundering is a major threat to your business if you operate at a national or international level. The cost of being caught in a money-laundering scheme is enough to ruin any business. To avoid problems, your company needs an AML compliance system that is compliant with MFSA regulations, as well as the regulations for any organization with the jurisdiction where you operate. SILO Compliance specializes in anti-money laundering software and practices, as well as helping companies improve their compliance with AML compliance policies.
If your company is struggling with AML compliance, then you are not alone. Maintaining compliance with regulations can be difficult, especially if your operations are consistently interrupted by AML practices. Let SILO Compliance help you develop an AML program that protects your company rather than hurting it with interruptions. At SILO Compliance, we focus on the training resources and software systems that your company needs to build a more effective compliance platform. Call SILO Compliance at +1 501-422-8030 for help improving your AML compliance system.
SILO Compliance is a company that is committed to helping you avoid money laundering schemes by giving you the tools that you need to develop more effective AML practices. Our tools and systems are designed to make creating and managing an AML system easier. That way, you can effectively train your staff members, oversee operations, and file reports with regulatory agencies.
Our system includes a variety of training systems, including an anti-money laundering course online, that gives your staff members plenty of ways to learn about money laundering. It gives you everything that you need to effectively administer your AML operations. Call us at +1 501-422-8030 to see how we can help you create the right AML compliance system for your company.Request Demo