When Was The Last Time You Independently Tested Your AML Processes And Controls?

During a recent assessment the Canadian regulator, the office of the Superintendent of Financial Institutions, has reportedly identified deficiencies with a bank's regulatory compliance management programme. As well as the adverse publicity this has created, the bank is also likely to face a significant monetary penalty. Since the problems with its processes came to light the bank have commenced a series of changes designed to overhaul its controls. They have conducted an internal investigation and made a number of sweeping changes, which includes bringing in new technology and making changes to its AML personnel and leadership. However, could these deficiencies have been detected at an earlier stage?

Baker Regulatory Services has launched an AML360 Culture Assessment tool designed to do just that for you. Through the completion of a series of questionnaires it uses benchmarking to help you focus on the most material risks identified and provides practical advice and best practice recommendations to help you address those potential weakness.