THE 'APPLE' of GRC
"The Network has delivered a platform that is fresh, beautiful, and simply elegant for the user, adding interface assets that work to engage employees, while providing administrators and executives with the tools needed to truly manage compliance in a proactive fashion."
– Michael Rasmussen, GRC Analyst
Anti-money laundering (AML) compliance is front and center in the compliance world, as FINRA, the Department of Justice and the SEC crack down harder and harder on non-compliant companies. If your company does not have an effective ethics and compliance program that educates and engages employees, you could be inadvertently fostering an environment where fraudulent behavior, like money laundering, can thrive.
To be defensible you must have a robust anti-money laundering compliance program in place, showing that your company can prevent and detect wrong-doing, determine the pervasiveness of the issue and quickly implement remediation plans.
We’ve developed a vigorous anti-money laundering program, which is configurable to meet the specific needs of your company. Our program includes:
- Policy Management: part of our Integrated GRC suite, policy management gives you a centralized place to create, edit, distribute and track attestations of company policies. We include best practices policy templates for several topics, including Anti-Money Laundering.
- Compliance Management: Proactively survey your employee base to uncover any misconduct and create a Money Laundering risk assessment.
- Hotline: Have all available measures in place to anonymously capture employees’ knowledge of misconduct.
- Awareness materials: Educate employees on how to recognize and report money laundering activities.
WHAT IS MONEY LAUNDERING?
Money laundering is a criminal activity by which “dirty” cash or other assets are exchanged for “clean” money and includes funds used to support terrorism. Anti-money laundering regulations aim to detect, deter and disrupt money laundering in all its forms.
ANTI-MONEY LAUNDERING GUIDANCE
Financial institutions are required to establish AML programs, which must be in writing and include guidance similar to that provided by the DOJ and SEC in A Resource Guide to the U.S. Foreign Corrupt Practices Act: the development of internal policies, procedures, and controls the designation of a compliance officer an ongoing employee training program independent audit function to test programs.