AML client risk assessment
The biggest risk to firms when signing up a new client is asking the right questions. AMLCC’s AML client risk assessment gives your employees the ability to do just that, without the need to fill in time-consuming forms that need extensive answers.
We’ve created an exhaustive set of questions for every client type that’s updated with every legislation change. By choosing from a drop-down menu, you can quickly respond to most questions. If the system spots a risk, it gives you guidance and ways to mitigate that risk, with the option of adding extra notes and documents to show your actions.
Create an AML client risk assessment in minutes.
It’s normal for many of your clients to have low-risk profiles. We believe that onboarding them should be a quick and easy process, to give you extra time to focus on those with a high risk.
To begin the process, you can upload your client’s details from your own management software. The AMLCC platform will auto-fill all of this information for you. It will even recognise the client type and services they offer. To complete your AML client risk assessment, you simply go through and answer the questions using the easy drop-down options. If your client is low risk, this process can take just minutes.
Time to focus on high-risk clients
When a high risk is detected, you’ll be given guidance on why and suggestions on how to mitigate the risk. This is an important feature of AMLCC’s platform-wide training and education. By learning ‘on the job’ your employees can gain a practical knowledge of anti-money laundering compliance that’s essential to their role in protecting your firm.
For each high-risk area there’s the option to add your comments, detailing the actions taken to reduce the risk. Your employees can also use the AMLCC platform to get the approval of senior management to reduce a high-risk outcome. Every action and communication between your MLRO and employees is saved.
If you ever need to demonstrate your firm’s ability to mitigate AML risk to your Supervisor – or prove that you or your employees have acted in the right way – each AML client risk assessment provides an audit trail that you can instantly share with them.
Reusable client profiles as part of the AMLCC AML client risk assessment
For firms with numerous similar clients, we offer an optional add-on of reusable client profiles.
If you’ll be giving the same answer to the majority of questions for one client type, the client profiles feature allows you to create a set of template answers for this client type. This is saved on your AMLCC platform for you to use an unlimited amount of times.
Every time you onboard a client that matches the client type, the template significantly reduces the amount of time the process takes by using the saved answers. All you need to do is adjust when necessary to make them client specific.
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