As a professional or business owner, you’re up against three main risks of AML non-compliance: regulatory, reputational, and operational. In other words, getting in trouble with the law, getting in trouble with your clients (potential and existing) and getting in trouble with your staff.
Beyond that, you also need to be aware of what can happen if you try to comply with AML in a subpar way – like manual and ad-hoc processes or patched together tech. If you’re not following best practice, you could be vulnerable to accidental non-compliance because of things falling through the cracks, human error, staff leaving and forgetting to pass on information, inconsistent record keeping, and failing to be audit-ready.
It’s clear it’s not enough to be AML compliant, you also need to make sure you’re performing your AML responsibilities in a smart and streamlined way.
So, before we talk about this smart and streamlined option, let’s get to grips with the real damage of not having the right AML system in place. Failing to comply can hurt your people, your brand, your profits, and your reputation – sometimes so badly it’s impossible to recover.
A heads-up before we continue: this article provides general information only and does not constitute legal advice. If you need advice specific to your circumstances under the AML/CTF Act, please consult your compliance officer or legal adviser.
Risk one is regulatory – falling foul of the law
Risk two is reputational – getting in trouble with your clients (potential and existing)
Risk three is operational – painful processes and poor record keeping impacts your staff (and auditors)
Easily onboard a business, trust or individual and keep ahead of the latest AML regulations with APLYiD
With APLYiD you avoid the pain of AML non-compliance or clunky patched together processes, allowing you to manage all your AML due diligence, for every client, every time – from start to finish.
Yes, there are risks – some in your face and others not so obvious but APLYiD can keep you safe and secure and compliant, without bottlenecks, stress and adding to your workload.
APLYiD helps you stay secure, clean and in the clear during onboarding, due diligence, ongoing monitoring and auditing. Here’s how:
Plus, you get:
Streamlined processes: APLYiD streamlines the whole AML compliance process. Our intuitive workflows guide you through every step for every client (without getting on anyone’s nerves). This prevents checks and balances from falling through the cracks. It makes it easier to onboard staff – and knowledge and records won’t be lost when staff leave.
Confidence: APLYiD lets you confidently manage your entire AML due diligence – for every client – from start to finish. You get remote biometric KYC and AML capabilities, business screening and onboarding, PEP, sanction and adverse media screening (EDD), risk assessments, editable risk ratings and ongoing monitoring.
AML compliance doesn’t have to be painful.
The consequences of AML non compliance are heavy, but the process of being compliant doesn’t have to be. APLYiD is a no nonsense AML platform that can keep you clean, in the clear and on the right side of your customers, staff, auditors, and the law.
We’ve designed APLYiD to be so easy you don’t need to speak to us, book a demo, or get any training. Once you’ve signed up, you’ll be ready to go in minutes.
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