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"Each supervisory authority must develop & record in writing risk profiles of each relevant person in its own sector."

Regulation 17 (4) MLR 2017

AML360’s SupTech solution is delivered with a ‘ready-to-go’ sector specific, firm wide risk assessment.

What does AML360 provide? AML360 is a hybrid SupTech & RegTech solution. It provides a Professional Body Supervisor (PBS) with the tools to undertake sectorwide analysis, as well as providing member benefits such as a firm wide risk assessment, client screening & risk profiling, client account monitoring, geography risks & case management.

In doing so, the PBS is able to promote consistency in standards & best practice.

MORE THAN AN AML COMPLIANCE SOLUTION

AML360 is a digital regulatory tool kit for all professionals, whether a lawyer, an accountant, a broker or real estate agent, a remittance agent or banking professional.

The platform can be used to schedule client meetings, add file notes to meetings, set task priorities & calendar reminders, manage client onboarding (screening & profiling) and meet all appropriate requirements for managing the end-to-end client cycle relationship.

Such requirements include - onboarding, profiling, monitoring, reporting, updating, and off-boarding. When audits occur, all relevant data is in a centralised data portal, saving significant time for audit preparations.

The PBS register provides the firm risk profile of each member, along with the full risk report and a case management feature. The case management feature can be used to determine the frequency & intensity of on-site & off-site supervision.

Additional tools available include a compliance review used by the PBS to monitor & measure adequacy of members’ AML defences. This compliance tool is completed by the member & relies on both qualitative & quantitative data. When a compliance hot-spot or ‘red flag’ is detected, the tool automates guidance notes for the member firm, assisting to strengthen any identified weaknesses.

The Proforma assessment incorporates international & domestic sector risks of money laundering & terrorist financing. Before finalising the firm wide business risk assessment, each PBS has access to our AML compliance professionals who can further assist the PBS to critique & tailor to their specific requirements. In doing so, the PBS can support their members’ adoption of a risk-based approach.

When the member’s profile is submitted, the member will receive a full risk report, supported with PBS guidance material. The member’s profile will also be duplicated to the PBS register. The register incudes filters for high level or deep analytics data mining.

The filters provide the PBS the ability to carry out advanced data analysis, so that they can focus efforts & resources on the highest risks. By adopting this style of supervision, the PBS can ensure measures to reduce money laundering are proportionate to the risks presented.

The register provides heat maps defining risk ratings across the membership base. This can be used for peer analysis or identifying compliance hot-spots that are increasing risk exposure to regulatory objectives.

If membership groups have an
international presence, AML360
SupTech is adaptive to all
jurisdictions.

AML360 simplifies monitoring by using colour coded risk indicators. This allows results to be interpreted instantly, along with an ability to prioritise supervisory action based on a member firm’s risk level. All relevant data is contained within the red flag notification on the PBS membership register – allowing determinations to be made quickly on matters that need to be escalated. Escalated matters can be ‘pushed’ through to the enhanced monitoring register, where actions, tasks and updates can be tracked and monitored through to resolution.

AML360’s SupTech manages data by collating, analysing, measuring, recording and reporting, in a single, simultaneous action. With the use of this risk based technology, a PBS will be adequately resourced to provide evidence-based understanding of the different types of firms it supervises.

With a SupTech framework tailored for AML/CFT compliance monitoring, PBS management reporting becomes effortless. Senior managers can easily maintain and keep on top of risk and compliance data. Heat maps and data tables can be downloaded into PDF format for external reporting purposes.

Employing qualified AML compliance professionals on a full-time basis can be expensive. When using existing staff to fill AML compliance roles, these persons often struggle with prioritising dual roles. Consequently, AML compliance is often lagging and before long, the reputation of the PBS is at risk of criticism from the OPBAS and HM Treasury. With the AML360 SupTech, specialist subject matter expertise is embedded into the system, with access to key data available on a 24/7 basis. Additional to a helpline, each PBS has direct access to an AML compliance professional, as well as receiving ongoing updates on domestic and international standards. SupTech is the perfect choice for a PBS to meet regulatory requirements for promoting consistent, good quality and timely decisions.

Your choice of supervisory tools is tailored to your sector, with due consideration given to the cost-effectiveness and proportionality of the different options.

You can set staff permissions to match the role of personnel. Permission levels include Exec, Admin, User or View. Each level has varying authorities, including editing, deleting, and closing actions.

The AML360 SupTech solution has been designed by former AML regulatory supervisors, academics and AML professionals, with a focus on the risk based approach.

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