What We Do

At AML Solutions, we specialise in providing comprehensive AML compliance solutions tailored to your business needs. Our expertise spans from clearing up client backlogs to conducting in-depth risk assessments and crafting industry-compliant policies. With a keen focus on navigating complex regulatory landscapes, we empower businesses to operate confidently and securely. We handle the compliance so you can focus on what you do best—running your business.

Services

  • AML Compliance Assessments
  • Compliance Managment
  • AML Risk Assessments
  • AML Policy Development
  • AML Training
  • Document Storage and Retrieval

What is Anti Money Laundering?

AML, or Anti-Money Laundering, refers to the set of procedures, laws, and regulations designed to prevent the illegal generation of income through actions like market manipulation, tax evasion, and fraud. In the business world, AML compliance is crucial for identifying and mitigating risks related to money laundering and other financial crimes. AML policies safeguard both businesses and their customers, ensuring the integrity of financial institutions and transactions.

Risk Assessment Tools

To assess the AML risks faced by your clients, you'll need to have risk assessment tools and processes in place. These should be customised to take into account the specific risks faced by each client, such as their industry sector, customer base, and geographic locations.

Customer Due Diligence (CDD) Procedures

To identify and verify your clients' customers, you'll need to have CDD procedures in place. This may involve gathering information about the customer's identity, their source of funds, and their business activities.

Transaction Monitoring Systems

To detect and report suspicious activities, you'll need to have transaction monitoring systems in place. These should be designed to identify unusual transactions or patterns of behavior that may indicate money laundering or terrorism financing.

Reporting Systems

To comply with AML regulations, you'll need to have systems in place for reporting suspicious activities to the relevant authorities. These should be designed to ensure that reports are submitted promptly and in compliance with the relevant regulations.

Employee Training Programs

Your employees will play a critical role in ensuring your clients' compliance with AML regulations, so it's important to have robust training programs in place. These should cover the latest requirements, procedures, and best practices for AML compliance.

Legal and Compliance Support

To ensure that you are providing your clients with the best possible AML compliance services, you'll need to have access to legal and compliance experts who can provide guidance and support. This may involve retaining in-house compliance staff or partnering with external advisor such us ourselves.

IT Infrastructure

Finally, you'll need to have the IT infrastructure in place to support your AML compliance services. This may include secure data storage systems, backup and disaster recovery systems, and robust cybersecurity measures to protect sensitive information.

Steps to combat money laundering

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Step 1: Identify the requirements

The first step in completing an AML task is to identify the specific requirements and obligations that apply to your business. This information can be found in the relevant legislation and regulations, as well as guidelines issued by financial regulators and industry organizations.

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Step 2: Assess your risks

Once you have a clear understanding of the requirements, you will need to assess your AML risks. This involves evaluating the types of products and services you offer, the countries and customers you do business with, and any other factors that may increase your risk of money laundering and terrorism financing.

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Step 3: Implement customer due diligence (CDD) measures

Based on your risk assessment, you will need to implement customer due diligence (CDD) measures to help you identify and verify your customers and their beneficial owners. This may include gathering information about the customer’s identity, their source of funds, and their business activities.

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Step 4: Establish ongoing monitoring procedures

To comply with AML regulations, you will need to establish ongoing monitoring procedures to detect and report
suspicious activities. This may involve using transaction monitoring systems, reviewing customer accounts regularly, and reporting any suspicious activities to the relevant authorities.

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Step 5: Train your employees

It’s important that all of your employees understand the importance of AML compliance and are trained on the specific procedures and processes they need to follow. Regular AML training can help ensure that your
employees are aware of the latest requirements and are equipped to identify and report suspicious activities.

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Step 6: Review and update your AML program

AML regulations are constantly evolving, and it’s important to regularly review and update your AML program to ensure it remains effective and compliant. This may involve revising your risk assessment, updating your customer due diligence measures, and making changes to your ongoing monitoring procedures.

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