Anti-Money Laundering
For many years, police and other law enforcement agencies across the globe have expended
vast amounts of effort and resources in trying to bring criminals to justice, and imprison them. However,
recent thinking suggests that a more effective way to deal with major criminals is to take the profit out
of crime. The freezing and confiscation of criminal assets has become a major focus for legislators
and law enforcer’s worldwide. War has been declared on the money launderers and financial institutions
across the world have been drafted to provide the front-line troops.
The prescriptive nature of the anti-money laundering (AML) regulations means that banks
and other financial institutions must take positive, practical steps to provide evidence that they are
in full compliance with not only the spirit of the law but can also
demonstrate "best practice" procedures.
Industry best practice in money laundering systems and controls is continually
evolving. For example the six major UK banks recently issued a "Statement Of Principles For
Fighting Crime And The Financing Of Terrorism", which demonstrates a commitment that goes
well beyond what is currently required by UK law and in doing so redefines best
practice compliance in the UK.
Knowco Money Laundering Compliance Health Check
Given the evolving nature of money laundering compliance best practice, which
in many aspects goes beyond that laid down in the regulations, it is important even for
smaller financial institutions to independently benchmark their money laundering
systems and controls.
Our Money Laundering Compliance Health Check is designed to provide you with a
cost-effective, focused review of your current AML compliance procedures against industry
best practice. Guided by a best practice checklist, our consultants can quickly
identify areas of non-compliance and deviation from best practice. The result is a prioritised
list of required remedial actions and an initial plan for their implementation.
Other Anti-Money Laundering Services from Knowco
Our Money Laundering Compliance Health Check service is part of an
overall AML solution that our consultants have developed and refined over a number
of years. Our other anti-money laundering services are:
- AML system scoping study — to make recommendations for, and plan the implementation of, automated suspicious
transaction detection and money laundering case management support systems;
- AML process design and implementation — definition of new AML processes and procedures
and their implementation in the changed environment;
- AML systems delivery — solution design, project and programme management of the delivery of AML systems;
- AML package selection — selection of the most appropriate AML
package for suspicious transaction detection, case management and
reporting;
- Customer re-verification strategy — strategic advice on risk-based customer re-verification
programmes, to re-verify customers who opened accounts prior to the introduction of the latest
customer identification standards;
- MLRO Annual Report development — consultancy in all aspects of the development of the MLRO Annual Report
mandated by the FSA Rules.
Knowco Anti-Money Laundering White Paper
A white paper on anti-money laundering and suspicious transaction detection is now available
from Knowco. Please email us at
knowledge@knowco.co.uk
for a copy of this white paper.
For more details of Knowco anti-money laundering consulting services please email us at
knowledge@knowco.co.uk
Visit our
Anti-Money
Laundering Links Page for useful links to International Bodies,
Regulatory Authorities and Software Vendors.
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