The EU is a prime target for businesses, crime organizations, and terrorists. That is because there is a lot of legitimate business that happens here and it gives everyone a chance to find what they need in the market. While businesses can openly thrive in Malta, crime and terrorist organizations are having a harder time because of effective AML practices.
The EU’s anti-money laundering regulations are proving effective when they are well managed, but many companies struggle to maintain compliance. If your company is having AML compliance issues, you can get the help that you need from SILO Compliance. Our systems and resources are dedicated to making money laundering harder without making it more difficult for your business to operate. Call SILO Compliance at +1 (501) 422-8030 for a consultation about your AML compliance needs.
EU Anti-Money Laundering Directive
Many companies in the EU have flourished under the EU anti-money laundering directive, which is largely responsible for putting the anti-money laundering checks in place for the EU. The directive focuses on institutions like banks and other large vendors that are common targets for money laundering schemes. A part of why it has been so successful has to do with its insistence and focus on due diligence.
One of the strongest deterrents to money laundering is due diligence. Companies use due diligence to learn more about their clients and their connections that can point to problems. This often makes money launderers nervous because there is a chance that their illegal connections could be identified.
There are different types of due diligence that you can use to develop a more well-rounded understanding of your clients. For example, AML CDD (Customer Due Diligence) focuses on the information provided by your customers. Money launderers will often provide false information to facilitate their transactions. Checking this information with a high level of scrutiny can reveal what information is false, and let you make a more informed decision about what to do next.
Another concept often used is AML KYC CDD (Know Your Customer, Customer Due Diligence). By knowing your customers, you have a much better chance of catching unusual or suspicious activity.
At SILO Compliance, we can help your company improve its AML compliance program. Here are a few of the services that we offer:
For your AML policies to be effective, you need to have a strong training program. It empowers your staff members to find and report suspicious activity in accordance with your policies. We offer training resources to help you build a more effective program, including an online course so that your staff can train anywhere.
Managing a compliance program is difficult even under the best circumstances. We can make it easier with program management software that brings everything together into one easy-to-use system. Learn more about our software by requesting a demo.
Every company is unique when it comes to AML practices. Our compliance consultants can help you get a better understanding of the regulations and refine your AML practices until they give you the results that you want.
Learn More About AML Solutions from SILO Compliance
AML compliance is a critical part of your business. Don’t let your AML compliance program fail to protect you by getting help to fix it. Call us at +1 (501) 422-8030 to schedule a consultation about your business needs.