Understanding the benefits of global AML compliance software
29th September 2020 3851 - Blog Posts
Anti-money Laundering (AML) directives are continuing to drive Financial Services and Fund managers to look at how they may drive down complexity whilst accelerating the processing time for onboarding and verification checks. This combines with robust due diligence, regular audit check cycles whilst complying to Regulatory Compliance legislation. An AML portal can offer this capability, acting as a single one-stop dashboard for a complete end-to-end workflow platform. The AML portal covers management projects which may include raising capital, onboarding, or more transactional requirements. Options are delivered through two choices, firstly as Software as a Service (SaaS) or secondly, a Managed SaaS where all services are fully managed by a selected managed service partner.
Anti-Money Laundering responsibilities are respective to different global jurisdictions and regional interpretations and sanctions, CTF and FATCA being two. Understandably, it’s a complex subject for many firms trying to keep pace with changing legislation over different geographies. Investing in an AML portal can offer firms reduced complexity combined with improved operational streamlining. Also reducing their risk through possible inadvertent non-conformance and the resulting consequences of liability, potential fines or reputational damage. Moreover, reports may be delivered in multiple languages, further reducing the potential for incorrect interpretation.
The AML portal provides extensive and on-going due diligence with reports enhanced by regional analysts using local insights and intellect towards a considered and meaningful interpretation. This is where for many the ‘rubber really hits the road’, by using subject matter expert intelligence and intellect that further rationalises the multitude of data sets that are available, providing a considered opinion of measurable risk, which is communicated to Financial Services firms and Fund managers for their final arbitration and decision. AML SaaS portal effectively streamlines and automates, but mSaaS distinguishes the additional value of a fully managed service offer. mSaaS combines with analysts who provide rationalisation and interpreted risk analysis to Financial Services and Fund managers. This builds on the potential capability to assess and become further enabled to make logical, appropriate and justified business risk decisions, based upon more than just pure data sets.
If your firm is looking to leverage the benefits of AML software, click here to learn more about MaxComply
Director, Investment Management Solutions
D: +44 (0) 203 696 2560