Getting started using the AML Accelerate platform
Delivering AML compliance
AML Accelerate’s platform is structured to guide you through the creation of the foundational AML/CFT compliance materials:
- Company information provides a comprehensive information about a business that will contextualise an organisation’s Money Laundering / Terrorist Financing (ML/TF) risk profile
- An ML/TF risk assessment that allows a business to identify, assess, mitigate and manage the ML/TF risks faced
- An AML Program that sets out the controls that address the legal and regulatory AML/CFT obligations
- Customer Due Diligence standards that set out what information on customers a business needs to collect and verify
- An AML Operating Manual that guides a business through the controls that will be required to be implemented.
Use of the AML Accelerate platform and the creation of these documents is performed in the platform that has been specifically designed to guide you through completion of the ML/TF risk assessment, the AML program and the customer due diligence standards, as well as the operational manual, all of which come as standard with an AML Accelerate licence.
Nevertheless, there is information about a business and organisation that is useful to have to hand before you start to use the AML Accelerate platform. Having this information readily available will help you move through the platform and complete the work required to create your AML Program Manual.
Making the right choices
Creating an AML Program Manual
Once you have completed the registration process, you will be required to create an AML Program Manual, which will appear in the Audit History page.
To start developing the AML Program Manual simply click on “New AML/CFT Program Manual” button or if one has already been started, select the arrow (->), which will take the user to the section, where they previously left off.
Once you complete the Company Information section move to the ML/TF Risk Assessment section which will take you through an assessment of different categories and sub-categories of ML/TF risk, including:
- Environmental Risk
- Customer Risk
- Business Risk
- Channel Risk
- Product and Services Risk
- Country Risk
Conducting the ML/TF risk assessment
Product and Services Risk
Product risk is significantly influenced by the nature and/or attributes of products and services.
Product or service risk is determined through the AML Accelerate platform by assessing whether the attributes of a product or service offer the customer functionality that can be used to facilitate money laundering and/or terrorist financing.
More information on the ML/TF risk assessment
For more information on the ML/TF Risk Assessment please refer to the ML/TF Risk Assessment Methodology within the AML Accelerate platform.
Creating the AML Program
Once the ML/TF risk assessment has been completed, the AML Accelerate platform generates a draft AML Program, based on the country and industry selected.
The AML Program should be fully reviewed by the user, and the text highlighted in yellow amended to the circumstances of the organisation.
Customer Due Diligence (CDD) Standards
Once the AML Program has been completed, the AML Accelerate platform guides the user to review and edit the CDD Standards provided by the AML Accelerate platform, based on the country selected.
The CDD Standards should be fully reviewed by the user, and the text highlighted in yellow amended to the circumstances of the organisation.
The AML Accelerate platform also provides a number of appendices to support the other documents provided. The Appendices included a Glossary of Terms, a Reference Library, and full Country Risk Assessment ratings.
The AML Accelerate platform allows the user to add to the Glossary of Terms and Reference Library if required.
To add to the Glossary of Terms the additions functionality is at the end of the list of definitions and terms:
To add to the Reference Library the additions functionality is at the end:
Reviewing and Publishing the AML Program
Once the AML Program Manual has been created on the AML Accelerate platform it should be reviewed to ensure that all the information is correct.
As part of the review mode the ML/TF risk assessment results are displayed and the user can add additional commentary regarding the results of the risk assessment.
The completed AML Program Manual documents can be downloaded by clicking on the icons between < >.
The AML Accelerate platform also has Adopt functionality which allows the evidence of adoption of the AML Program Manual to be uploaded and stored on the platform alongside the AML Program Manual documents.