AML suspicious activity reporting – SAR
Reporting potential money laundering activity protects your firm and your employees from serious legal repercussions. To handle AML suspicious activity reporting in the right way, your firm needs the tools to educate your MLRO and employees on what to do and give them a clear course of action to take.
AMLCC’s platform can solve both challenges for you, making it easy for your employees to spot suspicious activity and report it to your MLRO.
AML suspicious activity reporting training
It’s every firm’s legal obligation to report suspicious activity. But your employees can only do that if they know exactly what to look for. As well as our training videos we’ve included guidance on how to spot suspicious activity throughout the AMLCC online platform. Every firm and client risk assessment explains why a client might be a higher risk and suggest actions to take, including when to report their suspicions.
Online suspicious activity reporting
If any of your employees have reason to suspect money laundering or any other criminal activity by a client, the AMLCC suspicious activity reporting feature is there to guide them through every step of the reporting process. This feature allows you to easily make internal SAR reports.
When your client’s risk assessment shows any areas of high risk, these are immediately flagged for further action. Guidance and ways to mitigate this risk are given for each individual instance of high risk. Your employees or MLRO can add their own comments to detail the actions taken to reduce the risk too. This activity is automatically saved, if you need to use it for evidence at a later date.
A comprehensive suspicious activity reporting process
It’s easy for your employees to submit a suspicious activity report to your MLRO through the AMLCC online platform. The structure of the SAR form guides the user to input the right information with lots of detail. In fact, the form cannot be submitted before extensive details have been given, which saves your MLRO time in their subsequent investigations.
If you MLRO believes a suspicious activity report (SAR) needs to be filed with the National Crime Agency (NCA), the audit trail created during AMLCC’s rigorous suspicious activity reporting process makes compiling an appropriate SAR a simpler task.
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