The AML Model automates tasks and streamlines processes, increasing efficiency and thereby saving costs to your business. Non-compliance with PNG's AML/CTF laws can result in disciplinary consequences and penalties for natural persons (up to K500,000.00 fine or 5 years in prison) and body corporates (up to K1 million fine). Ensuring compliance is crucial.
The AML ISI module allows authorised users at law firms, accounting firms, real estate companies and financial services (Designated Non-Financial Businesses or Professions) to record all the anti-money laundering (AML) checks they have carried.
Based on the responses provided to our due diligence questions about your customer, our software will perform a risk assessment to classify the customer as low, medium, or high risk. The risk assessment will also determine the appropriate level of customer due diligence, either simplified, standard, or enhanced. A summary of the risk assessment decision will be generated, which can be kept on file to fulfil AML compliance obligations and document the reasoning behind opening or not opening a file.
The AML Module will generate and pre-fill the Matter Risk Assessment Form and, if necessary, create a 'suspicion letter' for the firm's Anti Money Laundering Officer.
If you decide to work with a client who is considered "High Risk" and there are mitigating factors present, our software may be able to provide you with sample responses to use in your decision-making process. These responses may be helpful in protecting your business if you are ever audited, as they provide clear documentation of your thought process. You may choose to modify these responses if necessary.