AML Compliance – It’s Only as Robust as your Software

01 July, 2021

AML software is now the gold standard in anti-money-laundering/counter financing of terrorism (AML/CFT) compliance, with manual measures taking a back seat. Software can streamline and improve AML/CFT processes, providing AML officers with the information they need to meet legislative regulations and protect their organisations. 

However, not all software is created equal. Using a functional platform with robust security is crucial if you want to meet your business needs without compromising sensitive customer information.  

The lowdown on AML software

AML software harnesses technology to help businesses comply with AML/CFT requirements. The applications of AML software are diverse, as businesses have different needs and obligations. It can take care of everything from simple name screening through to the full customer due diligence process.

Keeping data secure

The backbone of AML software is the collection and analysis of data. Keeping this data safe and secure is crucial not only for your business but also for your customers. 

Here’s why:

Protecting your customers

Robust AML software should provide your customers with the assurance that their personal data is kept safe, and only ever used for the intended purpose. This can play a huge part in the overall customer experience and have an impact on your reputation.

Protecting your business

As technology takes over the AML process, threats to personal data have evolved. As a result, governments around the world have introduced regulations to ensure businesses are treating personal information with care (such as the New Zealand Privacy Act 2020). 

Personal information can be stored here in New Zealand or with an international cloud provider, so it’s important to know how secure your AML platform is and whether it’s compliant with the relevant privacy laws. Managing data incorrectly can have financial implications (as it’s subject to fines) and breaches can have a significant impact on your reputation – both of which can be damaging to your business in the long term.

Common AML software security measures

There are many ways to ensure AML software platforms are secure, including: 

Data encryption – data is most at risk when it is being transferred. For this reason, encryption is commonly used to keep data from being intercepted.
Secure hosting – robust AML software should only partner with reputable hosting platforms.

Restricted access – only staff performing AML processes should be able to access sensitive customer data.  

Employee training – ongoing training is critical for AML software providers, so the software keeps up with regulatory obligations and changing security risks. 

Transform your AML process with top-notch software 

While most companies with AML needs have switched from manual processes to software, there’s a serious variation in the quality and functionality of solutions depending on the provider.

First AML’s software prioritises functionality and ease-of-use, backed by robust security measures that meet international data security best practices. It’s designed to make things easier for your business while taking the utmost care to look after your customers’ private information.

About First AML

First AML simplifies the entire anti-money laundering onboarding and compliance process. Its SaaS platform, Source, stands out as a leading solution for organisations with complex or international onboarding needs. It provides streamlined collaboration and ensures uniformity in all AML practices.

First AML transforms an otherwise complex and manual process into one that is simple, cost-effective, and compliant for businesses. By delivering efficiency and time savings, it protects reputations and enables companies to stay on the right side of history in the face of global threats.

Keen to find out more? Book a demo today! No time for a long demo? No problem. See what Source by First AML can do for your business in 2 minutes – watch the short demo here.