AML (anti-money laundering) is a series of regulations designed to stop money laundering. Large criminal and terrorist organizations have been known to use money laundering to make all of their funds seem legitimate so that spending money would not raise suspicion or be refused by legitimate businesses. Global AML compliance regulations are in place to stop these organizations from “laundering” money on a global scale and protecting legitimate businesses from being used in illicit activities.
Companies that operate on a national or international scale are required to have AML compliance policies in place. A large part of that is providing AML training for staff members.
In everyday operations, most staff members have no idea what money laundering looks like in practice. If you don’t train them, they won’t be able to respond appropriately to any attempts to launder money through your company. Staff members need anti-money laundering training and anti-money laundering information to be effective in addressing the problem.
The UK faces a noticeable problem with money laundering since it is one of the main economies that international exchanges are processed through. There is a higher chance that money laundering attempts will be made through UK banks. Fortunately, the Financial Action Task Force (FATF) handles oversight of many of the AML regulations for the UK and other countries.
This international network does create issues for companies though. International regulations are becoming more complex and many companies are struggling to develop compliance systems that can keep up with the changes. If you fall behind, your company risks fines and other punishments on top of the issues that come with being involved in a serious money laundering scheme.
Within the last century, changes in criminal behavior have drastically changed how companies and countries operate on a global scale. From large organized crime syndicates to multinational terrorist organizations, money laundering has had a profound effect on people’s lives.
The leading financial oversight organizations had taken a stand against money laundering with their anti-money laundering regulations with many companies following suit. However, that does not mean that companies find it easy to create the AML systems that they need.
Fortunately, companies like SILO Compliance are making Anti-money laundering easier and more effective with compliance training and software. Your company can experience a dramatic shift in its anti-money laundering policies for the better by partnering with SILO Compliance.
Every company has different needs when it comes to maintaining AML compliance. SILO Compliance is dedicated to helping companies develop the most effective AML compliance system for their needs. We have training resources that stay up-to-date on changes in regulations. SILO Compliance also has a software system that makes it easier to administer your program and ensure that you can complete all of the mandated procedures to maintain compliance. Call us at +1 501-422-8030 to discuss how we can help you with your AML compliance needs.
SILO Compliance may be the solution that you need to establish an effective AML compliance system. Our AML compliance software provides tools for developing training, monitoring AML policy implementation, and managing mandatory reporting. Your operations can run smoothly thanks to compressing your AML administration practices into a single, well-managed system. We even keep it up to date with different sets of regulations for areas around the globe. Take the first step toward easier AML compliance by contacting us at +1 501-422-8030 to schedule a consultation.Request Demo