Peach, a compliance, risk and change management company in the UK, has released of a unique White Paper on Anti-Money Laundering (AML), in connection with its AML Certification (AMLC) for financial institutions and software vendors, to help them with their AML compliance issues and challenges.
In the current regulatory environment, companies are required to know that they: are not doing business with money launderers or terrorists; are not in breach of Know Your Client requirements; are not over-exposed to losses should one of their staff members, customers, vendors, security holdings, or counterparties fail in their duties; and can confidently certify their financial statements and have sufficient credit and liquidity to do business in worst-case scenarios because they effectively manage their risks and monitor material events.
AML is affected by and affects Sarbanes-Oxley Act, Markets in Financial Instruments Directive (MIFiD), Basel 2, Solvency 2 Accord, Asset & Liability Management (ALM), and other related frameworks.
Peachs White Paper discusses that instead of working within the AML silo, Peachs AML solution cross refers AML requirements to the other relevant frameworks for overlaps and conflicts, thus integrating AML with other rulebooks and processes.
Peachs white Paper indicates how companies can avoid very costly and time-consuming duplication, triplication or quadruplicating of data entry, project implementation, information maintenance and disaster recovery expenditure, efforts and resources.