Intro

AML regulations and the fines imposed for non-compliance are on the rise, and regulators are starting to set their sights on small and medium sized businesses such as wealth managers, trust companies, law firms and insurance companies. Regulators have set fines for non-compliance with AML regulations or inadequate systems in place, and now even minor infractions can easily set you back US$20,000 and for more serious non-compliance the fines could be over US$1M.

 

It is in the commercial interest for FS companies to send a clear message that they will compete in the marketplace as a quality brand, with a strong AML/CFT compliance function compliant with local AML/CFT regulations, and a price which reflects the quality of the product that the customer receives. FS companies should consult internally and with external professionals about adopting and implementing a comprehensive enterprise-level AML/CFT framework, and how to support their personnel in responding to those policies.

What does a business have to do to stay AML compliant?

All Anti-Money Laundering compliance programs are aimed at the revelation of fraud, money laundering, tax evasion, and terrorist financing within a company. These goals can be achieved through the three most important must-dos.

Effective reporting

A powerful reporting system helps to immediately deliver the information about a money-laundering activity to the relevant authorities.

Staying aware of high-risk customers

Businesses must evaluate their client’s risk profiles and process them accordingly -  applying enhanced due diligence, customer due diligence, etc., measures.

A compliance officer in the team

The processes we are talking about are not easy to manage. They require a trained employee who has the experience and the knowledge to keep the business in close compliance with the ever-changing laws and regulations. Compliance must be the moral responsibility of every team member across all organizational structures. Staff must be trained to formulate and report their suspicions.

BDO’s AML Advisory Service

With a deep understanding of AML and regulatory compliance, BDO's Risk Advisory Services (RAS) provides comprehensive regulatory compliance solutions. Our professionals have extensive experience in advising, developing, and implementing programs to ensure compliance with any relevant AML Regulations, laws, and requirements.

BDO’s AML Compliance Tool

BDO’s AML Compliance Tool, SILO Compliance System, is a one-stop solution. It is designed to streamline and demonstrate to regulators how you are screening against sanctions, who is approving the onboarding of your clients, how you consistently rate the risk of your clients, how you review and monitor customers,  how your staff is trained, and how you keep senior management informed and involved on compliance matters.

Benefits of SILO

SILO protects your reputation and your financial risks

Supported by Acuris, SILO recorded customer entities and their third parties are screened by the Risk Database. Politically Exposed Persons (PEPs), International sanctions and adverse media are immediately detected and completed in your Client files without painful manual checks repeated day after day, month after month, year after year.

SILO keeps your compliance under control

Building and maintaining aggregation capabilities for a large number of data sources into CLM and CRM systems is beyond the resources of most organisations. SILO provides AML/KYC Data  management as a service, allowing regulated firms to streamline KYC processes by integrating critical data sources directly into onboarding platforms.

SILO helps you to manage client due diligence easily

Due Diligence means different things for different businesses. Whether you’re an asset manager, wealth advisor, law firm, corporate service provider or other AML regulated business that must comply with anti money laundering regulations, you need an AML CDD compliance system that works for you. SILO’s user-friendly dashboards help you stay on top of your due diligence obligations.

SILO improves compliance staff efficiency

SILO has useful reports to manage workload:

• Risk Report
• Activity Log
• PEP Altert Report
• Document Expiry and Missing Documents Report
• Document Destruction Report
• Suspicious Activity Report
• And other reports

SILO simplifies your staff training process

Anti money laundering regulations require money laundering awareness training of all staff. Annual AML training can take up a lot of your time as you must track and log when everyone sat their training. SILO makes it easy to set-up your own AML training program and staff can complete training at their convenience. When your anti money laundering regulator requires to see the training log, SILO has it ready for you.

SILO, turnkey or configurable solution

SILO can be delivered ready to use, on the basis of a business configuration, predefined by BDO Compliance Experts. But SILO can also be adapted to your organisation, according to your procedures and your KYC/AML policy.