Richard Simms of AMLCC explains the company’s new, improved product offering that’s free to all ICPA members.
The recent money laundering regulations provided both a requirement and an opportunity to update and expand the AMLCC platform. We have listened to both users and supervisors with a view to addressing areas that will improve both the usability and completeness of the AMLCC platform.
Though AMLCC is committed to the path of a user being able to fully demonstrate its compliance with its AML/CTF through its online platform, we are aware that some users prefer to use hard copy documents and, as such, we have revised the AML/CTF manual and this is available for download.
AMLCC has been updated to include new sections and to reflect the latest legislation (MLR 2017) and guidance. At the time of writing there remains some areas where interpretation has not been finalised by the sector and, as such, further minor updates of AMLCC will be required.
In line with AMLCC’s commitment to providing support through its online platform, additional sections, previously only available through our manual, have now been included within the online platform. This includes the Firm Policy on AML/CTF template.
- Tailoring of the system: introduced individual comment boxes under Firm Services, Client Risk Assessment and Firm Risk Assessment questions to allow a more descriptive answer.
- Firm Services: the list of services offered by users has been updated and expanded and, where appropriate, guidance and links have been included
- Firm Policy: access to a Firm Policy template which can be updated and saved within the AMLCC platform. A record of reading and understanding is also saved on the system.
- Firm Risk Assessment: introduction of a Firm Risk Assessment to include guidance and mitigation steps for each risk assessment question.
- Client Risk Assessment: updated Client Risk Assessment questions to reflect the new legislation. To also include guidance and mitigation steps.
- Enhanced Due Diligence (EDD): new section of ‘When to Apply’ EDD and ‘EDD Measures to take’.
- Client Details: where MLR 2017 requires additional information on a client to be held, provision for acknowledging the holding such data in the online platform has been included.
- Updated online AML/CTF manual.
- CPD: the online training video and training slides have been updated in line with the current legislation and guidance to also include a new multiple choice test questions to be taken by users.
- Audit trail: a new audit trail that follows both the Firm and Client risk assessments together with the policy document.
- Richard Simms is Managing Director of AMLCC
Every ICPA member has a FREE subscription to the AMLCC product, which with these latest updates is an even better benefit. If you are yet to register to use this product then go to the ICPA website and register via the AMLCC benefit page.
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