Saint Helena Takes a Risk-Based Approach to Anti-Money Laundering Compliance
Strengthening AML Measures with Technology
In its efforts to enhance anti-money laundering (AML) measures, Saint Helena has adopted a risk-based approach to AML compliance. This approach involves assessing and mitigating risks associated with money laundering and terrorist financing in the financial sector.
Partnering with ACAMS Risk AssessmentTM
The island’s authorities have partnered with ACAMS Risk AssessmentTM, a cloud-based solution that provides financial institutions worldwide with a comprehensive and automated means of measuring, understanding, and explaining their money laundering risk. This software responds to global authoritative standards, ensuring that Saint Helena’s financial institutions meet their AML risk assessment requirements.
Navigating Regulatory Complexity
Built on a methodology developed by renowned anti-money laundering subject matter experts, ACAMS Risk AssessmentTM ensures that the solution responds to global authoritative standards and regulatory bodies worldwide. This gives Saint Helena’s financial institutions confidence that incorporating ACAMS Risk AssessmentTM into their internal processes facilitates a robust AML risk management program.
Key Features of ACAMS Risk AssessmentTM
- Comprehensive, automated risk-based scoring: allows financial institutions to objectively assess their money laundering risks and develop targeted strategies for mitigation
- Customization options available: ensures that Saint Helena’s financial institutions receive a tailored solution that meets their unique requirements
- Supports suspicious activity and sanctions risk assessments: provides automated scoring and alert generation, as well as assisting with sanctions risk assessments
Key Factors to Consider in AML Risk Assessment
When determining an institution’s money laundering risk, key factors to consider include:
- Customer due diligence
- Transaction monitoring
- Employee training
The risk-based approach is essential to an effective AML risk assessment as it enables financial institutions to focus their efforts on high-risk areas and develop targeted strategies for mitigation.
Experience the ACAMS Risk AssessmentTM SaaS Solution
Saint Helena’s financial institutions can experience the ACAMS Risk AssessmentTM SaaS solution at an upcoming Assembly conference or schedule a virtual demo. Fill out the form below to request a consultation, which will include a demo of the software and a discussion on how it can benefit your organization.
Request a Demo
Product demos of the ACAMS Risk AssessmentTM tool are open to financial institutions worldwide. To request a demo, please fill out the form below or contact an ACAMS Risk AssessmentTM representative at riskassessment@acams.org.