Anti-Money Laundering (AML) Services
In today’s business world, regulatory scrutiny is heightened, and there is a continuous evolvement of Anti-(AML) Money Laundering and counter-terrorist financing regulations. Because of this, businesses find it tough to remain compliant with AML laws. Though the companies put their prime focus on AML compliance, standardizing business operations across the globe remains a major challenge. Moreover, creating a balance between the AML budget constraints and remaining compliant is also a difficult task.
WebMasters will assist you with its experts to reduce the exposure to terrorist financing and money laundering activities. We will make sure that you meet the regulatory obligations with our robust strategies.
Our Approach for AML Compliance
Our team owns experienced money laundering professionals who have worked with various AML environments encountering different challenges. As we have worked on large size AML projects for clients’ locations in different geographies, we know how to prepare and deliver a highly customizable plan to achieve robust compliance.
Because of our continuous efforts, we are able to set our resources which keep monitoring the ever-changing AML laws. This makes sure that your company remains compliant with AML laws and never experiences any high-value penalties.
The Major AML Compliance Challenges that companies face
- Not viewing all the risks associated with money laundering
- Not having the correct interpretation of guidelines provided by the jurisdiction
- Rapid increase in the customers associated with the business
- Following poor standards for KYC processes
- For MNCs, it becomes tough to standardize legal requirements across the globe
- Customers have complex income and fund network
- Improper data capturing and weak verification processes
All our Anti-Money Laundering Services
AML Compliance Consultation
Web Masters offers compliance consultation for any of the AML aspects. As the regulatory environment is getting more and more complicated, the need for expert consultation has become essential. Moreover, the laws are not constant, and amendments keep happening. This makes the companies unsure about the AML requirements. Therefore, we provide unmatchable guidance to all our clients on AML Compliance, letting them know how to move forward.
Creating Compliance Department for Companies
A compliance check is important not only for the financial but for non-financial institutions as well. As the compliance rules keep changing, an in-house AML compliance team can be a good option. It will efficiently maintain the reputation and integrity of your firm.
Creating a compliance department requires careful examination for which a reliable AML compliance services consultant is required. We help you hire the required skills and help them draft policies and procedures in conformity with the AML Laws. We regularly check their way of working and suggest necessary changes. We set up an efficient communication system between the management and the compliance department to provide a high-level service to customers.
AML Compliance Agent Service
This is a suitable service in case you wish to outsource the AML compliance. This service is highly beneficial for small-scale and medium-scale businesses. Outsourcing AML compliance keeps you free from your compliance responsibilities; you get access to people who are experts in this field and save the costs required to perform in house compliance checks. We have a large team of agents who have dealt with various institutions (financial and non-financial). They are experienced in conducting internal compliance checks by reviewing the customer data, maintaining their records, and monitoring transactions. They are also experts in risk profiling and STR submission.
Creating Policy and Procedure Manual for AML/CTF
Creating a customized policy and procedure manual for AML/CTF is an asset. It will guide your employees in handling day to day activities, and thus, it is the essential pillar of AML compliance. Since all businesses work differently, it is necessary that you have defined your policies and procedures according to the risks associated with your business. The manual we prepare for your company will contain the fundamentals according to which screening, risk profiling, customer due diligence, and suspicious transaction report submission will be made.
Conducting Audit of the AML/CTF Compliance Program
Setting up an AML program is not enough. A company must conduct an independent audit for making sure that it is AML compliant. It is not only about the non-compliance, but it is a social responsibility that criminals don’t exploit your business for financing terrorists.
After a compliance procedure is set up, an external audit is the best method to review its functioning. For financial institutions, AML compliance audit is mandatory in most jurisdictions. Our independent audit will provide you with a complete view of the efficiency of your AML/CFT program. Furthermore, our audit will find out risk factors and the ways to mitigate them.
AML Training
Usually, AML training is a continuous job as the AML rules keep changing. However, most of the AML service provider considers it as a one time job. Web Masters knows the importance of remaining updated with the compliance rules. Moreover, we provide customized AML training for financial or non-financial institutions.
KYC Due Diligence Service
Our know-your-customer due diligence service aims to find out the potential risks related to financial transactions that you intend to carry out with a customer. There are many businesses that fail to conduct an appropriate KYC process leading to compliance issues and terrorist financing. In addition to an expert team, we use machine learning and artificial intelligence techniques. This provides comprehensive KYC by going to the complete details of the customers.
AML Software Consulting Services
There are various AML compliance tools and software solutions aiming to make you AML compliant. However, it is necessary to find out the software exactly fitting your requirements and your industry. In some instances, such as banks, AML can’t be taken lightly as there are far more risks associated with them. We provide AML software consulting services to help companies choose the best product considering their requirements.
Customer Risk Assessment Service
Our customer risk assessment service aims to support our clients in managing risks associated with their customers. With optimum planning and dedication, we have developed a unique approach, according to which your AML strategy can be defined. We offer credit information, advanced-level software for prescreening, and decision making.
Transaction Monitoring and Alert Review
As manual transaction monitoring could be tough and would have multiple errors, we rely on AML transaction monitoring software. This not only provides the daily transaction report but also helps us to detect real-time suspicious transactions.
We combine the transaction details with the customer’s financial history and profile, providing the risks associated with the customer. This will alert the business to take necessary action.
Records Review and Evidence Analysis
As we are dedicated to providing businesses with inexpensive customized solutions as per their requirement, we have introduced records review and evidence analytics services. This service is perfect for the businesses that only wish us to review the customer records and evidence and to find out if they are maintained as per the law. We go through all the customer data and provide the opinion on your compliance with the regulatory requirements.
Mystery Shopping
This is an exclusive service that Web Masters offers. Mystery shopping is usually associated with the retail business, where the mystery shopper checks the customer experience. Here, it helps the businesses to find out whether the handling and screening of customers is done properly or not. The mystery shopper acts as a normal shopper and checks how AML compliance activity is being undertaken by your in-house team. This will help you bridge the gap between the regulatory requirements and your current state of affairs.
Enhanced Due Diligence
We provide the enhanced due diligence service where we conduct advanced background checks and provide you exact information of an entity and individual. As the organizational structure of your business is unique, it requires customized due diligence dedicated to your requirements.
Our team uses only ethical methods for researching the customers without being intrusive to your customers. This service can also be used for third-party risk assessment and also for detecting ownership structures beneficial for you.
Our Differentiators
- We provide highly customizable AML solutions as per the industry and jurisdiction requirements
- Inexpensive solutions for your company and post compliance support
- Our team owns regulatory experts, proficient lawyers, knowledgeable screening agents who have in-depth knowledge of AML compliance
- Our team has experience in the risk profiling of customers belonging from different geographies
- We utilize the best in class software to pace up the work by eliminating the requirement of repetitively performing the same task, which can be automated