ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM (AML/CFT) HEALTH CHECK
Since 2008, banks have paid over USD$261 billion in fines for non-compliance with financial crime laws. Many AML/CFT Programs are falling way short of what regulators expect of them, allowing organised crime to launder trillions of dollars a year through the world economy. We built the AML/CFT Health Check to help regulated entities assess the effectiveness of their AML/CFT Programs and identify, track and manage, deficiencies which could expose them to significant financial, regulatory and reputational risk.
There are now over 200 Financial Action Task Force (FATF) member countries that are subject to mutual evaluations to assess the effectiveness of each countries AML/CFT legal and regulatory framework. Globally, AML/CFT legislations applies to millions of organisations, of different shapes and sizes, across a diverse range of financial and non-financial sectors, requiring them to comply with a complex and ever changing set of AML/CFT compliance requirements.
What is the AML/CFT Health Check?
The AML/CFT Health Check platform is an online platform dedicated to controls assurance and provides a structured framework for conducting independent reviews to assess the design and operational effectiveness of anti-money laundering and counter-terrorism financing programmes.
The AML/CFT Health Check platform has been designed to leverage best practices in risk management controls assurance and was built based on a logical hierarchy that links rules and obligations, with policies, risks and controls and provides a means of assessing compliance against obligations, prioritising responses, providing auditor comments and management responses, as well as, assigning actions and attaching documentary evidence to support audit findings.
After the assessment has been completed for each compliance obligation users can create executive summary reports directly from the platform, highlighting the key observations, findings and recommendations, as well as, actions, issues and risks identified during the review process.
The AML/CFT Health Check platform also contains rich data analytics that provide actionable business intelligence including; real-time operational dashboards for tracking open and outstanding actions, issues and risks; interactive reports which can slice and dice audit data in many ways including, drilling into particular areas of interest, as well as, benchmarking audit outcomes across different timeframes, divisions and countries, it can even summarise on a single page the compliance status across hundreds of compliance obligations.