The software element is online and your firm and, if you choose, your clients can enjoy secure online access to the system on any device, at any place and time that suits them.
It is an end to end solution, in that it covers all AML related work done by the firm on all Client transactions over a number of years. Most systems only focus on the Onboarding ID checks, we cover every step in a client’s journey with you.
The AML Compliance Solution is a package of:
Our user-friendly AML Compliance software provides a secure digital framework that will ease your burden of complying with AML, CTF, POCA, Sanctions and related regulations and protect your firm and staff against regulatory breaches and fraudsters.
We have designed the system to make it easy for you to comply with the policies, controls and procedures the Regulations require firms to implement. We refer to these requirements as the “Seven Pillars of AML”.
Our standard package is that we train your Compliance Team in the AML knowledge and software skills needed to maintain compliance across your firm.They then train the rest of your staff.
The Getting Started training package we deliver has evolved over the years. It is a tried and tested format for getting your Compliance Team's knowledge and skills in using the software to a level where they are competent and confident in their ability to bring the rest of the firm onboard. Having trained the rest of the staff on their roles, your Compliance Team then monitor that the firm's AML Policies, Controls and Procedures are being implemented across all business done by the firm.
The Getting Started training includes:
Who and how many should be in your Compliance Team?
If you have more than one hundred people in your firm you may already have a dedicated, full time Compliance Team. When we refer to a Compliance Team we mean something entirely different.
Your Compliance Team consists of your MLRO and depute(s) as well as the Support Staff selected to attend Getting Started training. They embed the system into your existing work processes, train the rest of your staff when you "Go Live" and thereafter monitor and maintain compliance across your firm.
We will help you build a Compliance Team who will protect the fee earning time of your MLRO and Deputy MLRO by forming a layer of skilled support staff between the staff and the MLRO.
As well as filtering out queries and tasks that do not need input from your MLRO, a key part of their role is to use the AML Dashboard to run regular checks across the firm and compile routine regulatory reports. These monitoring and reporting tasks take time but can be competently done by a more junior member of the Compliance Team.
Being a member of the Compliance Team would be an extra, for which the selected Support Staff would receive training, but they would continue in their main role. They would be encouraged to expand their software skills and AML knowledge.
Even in the smallest firm the Compliance Team will include:
We find that the firms who have more Support Staff in their Compliance Team end up with a more effective AML system that requires less input from Fee Earners / Client Managers.
Effecting cultural change across any organisation can be a daunting challenge, but there is nothing we like more than collaborating with like-minded people to transform their firm's approach to AML Compliance and related risks.
We have an experienced team of six with the skills and knowledge required to support your firm through the process of embedding a culture of Compliance into your existing working processes and procedures.
Online and telepone support for using the AML Compliance software is FREE to users who have completed the training programme. This relates only to the use of our software and not you PC, Network or any other software or hardware installed or run on it.
As part of this free support we will give guidance on how best to use the software to ensure compliance. Guidance on how to deal with a specific AML situation should be provided by your Compliance Team or by requesting input via the Café.
If you would like your Compliance Team to have access to expert confidential AML advice to help resolve those tricky AML situations that arise from time to time, please contact our lead coach, Graham Gibson, to discuss the level of support you would like to have in place.
Most firms think of Compliance as including a broad range of regulatory risk (ML/TF,POCA, Financial Sanctions, Tax Evasion, Bribery, Data Protection, professional rule, etc) and treat these regulatory risks as an extension to existing business risks.
This holistic approach to business risks reflects our own view. To better protect the firms we serve and the people using our software we monitor changes in regulatory risk, including legislation, case law and developments in best practice, and adapt our software and training to meet these ever changing risks.
This continuously evolving protection is one of the benefits of your subscription. You have the comfort of knowing that we are actively monitoring the change in regulatory risk and thinking of ways in which we can help protect your firm, its owners and your staff.
Occasionally, we develop an entirely new module. This would not be included in your subscription but would be made available for a modest additional sum.
The Getting Started Training is included in the package. If you would like us to design and deliver further training, please speak with us.
Regular on-going AML training is a requirement of the Regulations but there are a number of other, arguably equally important, business reasons for investing in effective training:
We design and deliver role specific training for all staff who have any involvement in regulated work. Some staff have limited involvement and it may be that online awareness training is all that they require. Others, such as those handling transactions, your Compliance Team and MLRO require a wider, more in depth, spectrum of training. We can help you with all of this.
We offer a record keeping service that evidences completed training, one of the first things an AML Auditor will look for. Auditors expect to see one record per member of staff that evidences training undertaken and assesses their competence to carry out their role effectively.
If you would like to commission us to fulfill all or part of your AML training obligations we will be pleased to agree a package that meets your needs, is affordable and is delivered in a way that minimises disruption to your business. (Back to top)