Anti-Money Laundering

Manage AML policies, train people, report SAR and prove compliance.

Anti-money laundering and counter-terrorist financing (AML/CFT) are areas which every financial institution needs to control and train their people regularly to prove compliance with AML regulations.

Here are a few questions you may want to ask yourself:

• Is there an AML policy in place?
• Are there AML procedures in place which employees can access easily?
• Are new inductees trained on AML/CFT policies and procedures?
• Is an annual or bi-annual AML/CFT refresher training in place?
• Is there a process in place to absorb changes in money laundering regulations?
• Can you prove compliance with AML procedures?

Manage AML Policies and Procedures

Anti-money laundering and counter–terrorist financing (AML/CFT) are regulated by the Financial Services Authority (FSA) and Financial Action Task Force (FATF). There are changes introduced by the regulators from time to time which make it mandatory to absorb those changes in the policies, review and track the changes, disseminate the policies and train the relevant people. jComply does that efficiently using its built in WYSIWYG word processor and review/approve workflow while maintaining a complete audit trail of when someone reviews or even reads a policy document.

AML Training

With jComply’s eLearning module, a Money Laundering Reporting Officer (MLRO) can quickly create training material using case studies, multiple choice and true/false questions, videos, images and other supportive documents. AML training can be configured to issue a new set of questions every time a user restarts training thus encouraging users to understand and learn the subject matter.

SAR Reporting

With jComply Forms module Suspicious Activity Report (SAR) is easy to file, creates a transparent reporting line within the organisation and promotes a proactive compliance culture. SAR Report can be made available to all employees or a select few making it easier to report a suspicious activity or transaction, collect relevant data securely, validate information, and disseminate the report to manager or the Money Laundering Reporting Officer (MLRO) using the built in workflow.

From the initial report to final resolution, you get the traceability through a comprehensive audit trail, email notifications, alerts and management reports.

Scope

In the financial sector, the scope of jComply is not limited to AML/CFT policies, instead can be extended to other areas such as:

• Risk Management
• Market Abuse
• Prevention of Financial Crime and Fraud
• Treating Customers Fairly
• Know Your Customer
• Conduct of Business
• Corporate Governance
• FSA Reporting
• Senior Management Responsibility and Accountability