AML (anti-money laundering) is a system where regulatory agencies put policies in place to stop money laundering in large and international businesses. Money laundering is a process where criminals use legitimate companies to perform financial transactions with stolen money, making it harder to track where that money came from. Many organizations have done this to fund illegal activities and the international community is cracking down on it.
Every company in different parts of the world are required to enforce anti-money laundering processes in order to keep its AML certification. Without it, your company may be able to operate in specific markets. AML compliance requires three things:
Training for staff members, Monitoring for program administration, Mandatory reporting on compliance with regulations. Balancing each of these areas within your AML program and company operations can be difficult without the right resources. Your company needs anti-money laundering software and training resources to make its program as effective as it can be.
At SILO Compliance, we provide a collection of training resources to help you develop and administer an effective training program. Our resources focus on the latest updates to regulations so that you’re keeping your staff compliant with the current regulations. It is an effective way to make your staff aware of new anti-money laundering checks so that they can address problems effectively. These training resources also cover a variety of formats, including an anti-money laundering course online, so that your staff can learn in the most effective way for them.
Incorporating SILO Compliance’s resources into your training program does more than improve its quality, it improves your ability to administer the program. With everyone using a more efficient and effective training system, you won’t have to worry about interruptions to daily operations while completing annual training. Staff members can progress through the training quickly while also retaining more of the information. SILO Compliance’s resources help you deliver dry AML content in engaging ways so that staff members will remember to apply the knowledge to their everyday operations
AML software is critical to maintaining compliance with these new regulations. Well-built software can help you track who has completed the training, what training they have to do, and other performance metrics about your program. That way, you can generate reports to see how effective your training is and make changes as needed. You can also use the same reports for reporting to government agencies. When used effectively, having the right software can be the key to an effective and unintrusive AML compliance program.
Around the world, government agencies and international oversight committees are looking for ways to combat money laundering. The growing number of regulations are proving effective when implemented properly, but many companies are struggling to maintain anti-money laundering compliance. Still, every company has to try. The benefits of AML compliance, the ability to prevent criminal and terrorist organizations from funding themselves, is well worth the effort. Fortunately, SILO Compliance has a set of tools and resources that may be the key to your company’s compliance.
SILO Compliance is a company dedicated to making AML compliance easier for everyone. By deploying new training resources and administrative tools, your company can streamline its operations and maintain an effective compliance program without interruptions for training and mandatory operations.
Every company needs anti-money laundering practices to protect themselves. Every company can have a high-quality program with the right help. Make sure that your company has the resources that it needs by contacting SILO Compliance at +1 501-422-8030 to schedule a consultation with our team. Let us help you keep your company safe from money laundering with the right tools and resources.Request Demo