What information do I need?
The AML Accelerate Platform guides you to compliance, but before you get started you will need the following information available for each section.
The AML Accelerate Platform guides you to compliance, but before you get started you will need the following information available for each section:
The following information required to support the AML Accelerate platform assessing the ML/TF risk associated with business operations:
* Other Higher Risk Roles can include any roles a business considers represent a higher vulnerability to being used or coerced into supporting or facilitating the laundering money or financing of terrorism.
The following information required to support the AML Accelerate platform assessing the ML/TF risk associated with the channel used to engage customers or deliver products and services:
Product and Service Risk
The following information required to support the AML Accelerate platform assessing the ML/TF risk associated with the products and services offered to customers/client:
In preparing this information before starting to use the AML Accelerate platform will speed up the completion process and ensure you provide all the information necessary and fully answer all the questions within the platform.
Creating an AML/CFT 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 (à), 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
Environmental risk considers the external and internal environments that an organisation operates in. Through completion of the risk assessment you are guided to assess your organisations’ vulnerability to crimes that can give rise to ML/TF (predicate crimes), either because a customer is involved in the commission of one or more predicate crimes and/or is seeking to use products or services to launder the proceeds of a predicate crime.
The AML Accelerate platform groups predicate crimes into several categories to assist the assessment. These groups are deceptive crimes, illicit trafficking, property crimes, and crimes against the person (personal crimes).
The ML/TF environmental risk assessment also guides you to assess the internal vulnerability of the organisation to being used to launder money, finance terrorism, or breach targeted financial sanctions.
In addition, the ML/TF environmental risk assessment includes an assessment of whether your organisation is vulnerable to non-compliance with relevant AML/CFT law and regulation, if it does not put in place appropriate controls or implement adequate responses to AML/CFT obligations.
Like all parts of the AML Accelerate risk assessment, environmental ML/TF risk is assessed at the inherent risk and residual risk level.
Customer risk is the risk or vulnerability that an organisation’s customers may be involved in money laundering or terrorist financing activities. ML/TF customer risk is significantly influenced by the nature and/or attributes of the organisation’s customer.
The risk assessment assesses customer ML/TF risk at an enterprise level, and the AML Accelerate platform calculates customer risk as the combination of:
- The customer footprint within the customer base, which consists of their geographic location and if they are engaged in business activities that are vulnerable to ML/TF; and
- The types of customer within the customer base, which consists of whether they are a Politically Exposed Persons (PEP) and their legal forms vulnerabilities to ML/TF risk.
Business risk is the risk or vulnerability of a business’s operations to money laundering or terrorist financing activities. ML/TF business risk is significantly influenced by where the business operations are located, the use of third parties, and the ML/TF risks resulting from employees.
The risk assessment assesses the businesses ML/TF risk as the combination of business operations risk and employee risk.
Channel risk is significantly influenced by the nature and/or attributes of the channels used to deliver products and services to customers.
Channel risk is determined by whether the delivery of a product or service involves face to face contact with the customer, and the use of third parties as part of the delivery chain of a product or service.
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.
Country risk is the assessment of a country’s or jurisdiction’s vulnerability to money laundering, terrorism financing, and targeted financial sanctions.
AML Accelerate delivers a standard ML/TF country risk assessment for over 260 countries and territories which are used as part of Customer, Business and Channel risk.
More information on ML/TF risk
For more information on the ML/TF Risk Assessment please refer to the ML/TF Risk Assessment Methodology within the AML Accelerate platform.
AML Program Manual
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 Manual should be fully reviewed by the user, and the text highlighted in yellow be amended to the specific circumstances of the organisation.
Customer Due Diligence 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 Customer Due Diligence (CDD) Standards should be fully reviewed by the user, and the text highlighted in yellow be amended to the specific 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:
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.
Once the user has reviewed the AML Program Manual documents on the AML Accelerate platform, they are then published with into pdf and added to the Audit History.
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.
Need more help?
If you need more assistance there are several places you can go to get help:
- Help Centre – https://amlaccelerate.zendesk.com/hc/en-us
- Video Tutorials – https://vimeo.com/amlaccelerate
- Support Widget – inside the platform or email our helpdesk – email@example.com
- Community – see if any of our other users might be able to offer their support
- Methodology – this is available during the review stage of the assessment.