Risk based approach
AML HQ helps you implement a risk based approach by providing you with smart client onboarding and AML file maintenance processes. Our software helps you identify and assign a client risk rating as onboard new clients and also prompts you on an ongoing basis to conduct client risk reviews so that you conduct and can evidence your ongoing monitoring obligations. AML HQ provides a simple, yet comprehensive risk management framework and allow you to efficiently and proportionately apply due diligence measures.
Risk Tool | Target outcome |
| Business Risk Assessment | We provide you with an intelligent Firm-wide Business Risk Assessment template to help you identify the AML risks that your firm faces and to implement appropriate mitigating measures. Our intelligent risk assessments aggregate data from your individual Client AML files to highlight the real-time risks of your firm while also providing suggestions of the possible mitigating actions that you should take. |
| Policies Controls and Procedures | We provide you with a complete set of AML Policies, Controls and Procedures (PCPs) that can be tailored to meet the requirements of your business. It is a requirement to review your Business Risk assessment on an ongoing basis. In addition, your PCPs should be reviewed on an ongoing basis to ensure that they are fit for purpose for the risk context in which your business operates (according to your business risk assessment) and are up to date with respect to current legislation, regulations and guidelines. |
| Client Risk Assessment | We provide you with the ability to efficiently run Client Risk Assessments against each client to identify the specific risks and to apply an appropriate due diligence level. |
| Client Onboarding Wizard | Our client onboarding wizard guides your staff through a consistent process to add new clients, apply the appropriate risk and due diligence levels. The wizard provides flexibility to allow staff to react to real world scenarios and override calculated risk with documented rationale, where appropriate. On a per client and per individual basis, staff can request standard or enhanced identity verification checks and PEP/Sanction screening. |
| Client files and documenting due process for review and audit | AML HQ provides your team with the ability to record due process and demonstrate compliance. Our processes help to you efficiently consider AML risks and document the thought process in the Add Client wizard, Risk Assessments and throughout the Client file. This allows for peer review and approval by the MLRO or compliance officers. This supports good governance, quality control and is invaluable during external AML inspections. |
| Ongoing monitoring | Client files can be flagged for Ongoing monitoring and additional risk assessment, identity verification and screening reviews can be undertaken as appropriate. Risk and due diligence levels can be adjusted with changes to a clients profile or behaviour. |