aml and sanctions program development

One of our core services at The AML Shop is developing comprehensive compliance and sanctions programs for businesses in all sectors, and across all geographies. A program consists of a risk based approach (RBA), policies and procedures and development and training. The three elements are interdependent, and require a detailed knowledge of your business, as well as the relevant standards. Some of those standards are explicit in legislation, guidance and policy interpretations. Others are the unwritten expectations of your regulators and financial services partners. Templates often miss the mark, because they miss out on that interdependency of program elements, and cannot account for all the nuances of your business and its history, and the implications those have on compliance obligations. Companies that sell you templates depend on the need for their involvement in customization and the associated revenues.

WHAT IS AML PROCESS OPTIMIZATION? 

Think of AML process optimization like taking care of your car. There are many components to a well-run engine which requires thoughtful attention and care for an optimal, inter-relationship between all the parts. When one process is out of sync, it can affect the whole performance.

The AML Shop’s dedicated experts and service on the very deep analysis and monitoring of process optimization ensures that your processes are running at their best at all times without any gaps. This saves time, resources, and can even help to avoid costly mistakes. Ignoring process optimization can find AML departments left behind, leaving their organizations at a disadvantage due to a loss of expertise resulting from employee turnover and a reduced capacity to identify and respond to regulatory and other risks. 

Borrowing principles from lean manufacturing, such as identification and elimination of waste and non value-added processes, as well as process balancing, we use a fine-toothed comb to examine how your team can achieve their compliance goals more effortlessly while fostering a partnership of coaching and learning. 

Many clients that have process optimization as an ongoing service with The AML Shop will often incorporate their technology processes into the mix. Your AML technology can support or in some cases, hinder your compliance efforts. That’s why when we examine your process optimization we suggest including technology optimization into the mix. 

Maximize your compliance outcomes with minimal effort using process optimization.  If you stay ready, you don’t have to get ready!

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