Have you ever felt like you're navigating a minefield when it comes to Anti-Money Laundering regulations? You're not alone. A recent report by Alessa unveiled that a whopping 85% of organisations see AML as a high-risk area within their business. With money laundering threats lurking in unexpected corners – and regulators increasingly willing to issue large fines for process failures – it's critical that businesses equip themselves with the right strategies. Here we look at five top suggestions you can implement today to add robustness to your process and keep those AML woes at bay.

1️. Establish a Robust AML Compliance Program: Develop a comprehensive AML compliance program tailored to your business. This should include policies, procedures, and internal controls to detect and prevent money laundering activities. Regularly review and update these measures to stay ahead of emerging threats.

Our top tip: tailor this as much as you can to our business, and make sure compliance is baked into your customer experiences.
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2️. Conduct thorough customer due diligence (CDD): Implement a rigorous CDD process to verify the identity of your customers, understand their financial activities, and assess the risk associated with them. Use advanced technology solutions to streamline the customer experience and enhance efficiency while maintaining compliance.  

Our top tip: carry out CDD QA with “known good” and “known bad” customer examples and understand what the impact on the customer experience is.
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3️. Implement ongoing monitoring and reporting: Establish a robust system for ongoing monitoring of customer transactions and behaviours. This will enable you to promptly identify suspicious activities and report them to the relevant authorities. Leverage intelligent analytics and automated tools to enhance detection and streamline reporting processes.  

Our top tip: think about what you want to monitor continuously as opposed to those you want to check episodically. Episodic monitoring can often be incorporated into regular customer service processes.
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4️. Educate and train employees: Ensure all employees receive comprehensive training on AML policies, procedures, and regulatory requirements. Foster a culture of compliance and awareness throughout your organisation.  

Our top tip: ensure your employee training and education pieces include appropriate training on AML, and don’t hesitate to engage with industry experts and associations for additional support.
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5️. Stay informed and adapt: Keep abreast of the latest developments in AML regulations and best practices. Engage with industry experts, attend conferences, and participate in relevant forums to stay informed.  

Our top tip: AML regulations and requirements are constantly evolving, and the obligation is on you to get it right. Make sure you’re not caught out as requirements evolve.

Combatting money laundering requires a proactive, company-wide approach. There are some fantastic technology solutions available to support your efforts; and a new generation of technology innovation is unlocking additional capabilities – but the success of any AML process is dependent on the teams carrying out. But getting your AML process right will enhance your company’s security, protect your reputation, and contribute to a safe global financial ecosystem. ‍

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How Sikoia can help
At Sikoia, we recognise the intricacies and challenges that AML compliance presents to modern businesses. With integrated access to a comprehensive ecosystem of international data providers, compliance services, and advanced tools for thorough customer due diligence, our solutions can support your specific requirements, whether you're grappling with identity verification, fraud screening, or broader AML screening concerns.

Ready to dive deeper? Schedule a meeting with me to explore the insights from this blog post. Simply click here to book your session!

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