The importance of unified AML software in meeting compliance requirements

Be it lawyers, accountants, auditors, TCSPs, DPMS, VASP, real estate brokers, financial institutions, money exchange businesses, or insurance companies, a unified AML software goes a long way in meeting the regulatory obligations of the reporting entities.

A unified AML software helps perform Enterprise-Wide Risk Assessment, Maintain AML/CFT Policy and Procedures, maintain KYC records, perform sanctions screening, carry out customer risk assessment, submit regulatory reports like SAR, STR, PNMR, FFR, DPMSR, REAR, HRC, HRCA, and maintain a complete audit trail of events.

Since there’s only a single source of truth, duplication is avoided, significantly saving time and effort. Moreover, the ML/FT risks can be mitigated, and the organisation always remains compliant and audit-ready.

The regulatory requirements for semi-annual or annual returns can be met, and timely submission of survey responses can be ensured.

The mandatory record-keeping requirements can be effectively met, and paper-based inefficient processes can be avoided. The company can adopt a risk-based approach and utilise the resources most effectively to fight against financial crimes.  

The importance of unified AML software in meeting compliance requirements