Reducing discretion and errors in AML Compliance Management

Human discretion and errors have no place in AML Compliance Management. It has no place in one-person practices, let alone larger companies, as the related perils grow exponentially with the size of the AML compliance team.

Effective AML Compliance Management ensures that all the necessary processes are not only clear to all, thanks to the required training, but workflows are also in place so that these processes are enforced. And in the case of procedures that cannot be strictly enforced, knowing that audit trails are there to keep track will ensure that the right steps are being taken every time by everyone in the team.

Discretion and errors are also reduced when people are only able to perform the tasks allowed by their position, as user rights set by the administrator enforce this.

Another very important feature is the ability to automate tasks. This significantly reduces errors and also handles the more mundane and repetitive tasks, allowing staff to focus on the areas that matter most; distraction-free.

So before selecting software for AML Compliance Management, ensure that the following features are available:

• Centralised database for a single source of truth
• Enforceable workflows
• Automation of mundane tasks
• User Rights to ensure that only those responsible are performing the required tasks
• Audit Trails

For more information about InScope-AML, please download our eBook here.

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Or schedule a demo for an in-depth look into InScope-AML.