Core AML & BSA
Risk assessment is the pillar of our AML compliance and represents a crucial first step in building an effective program. No two institutions face the same set of AML risks, and your application should take into account factors like the products and services you offer, your customers and clients, and your geographic location.
Global Payments Without Boundaries
"Why would you invest in a company which is out of synch with the needs of society, that does not take its social compliance in its supply chain seriously, that does not think about the costs of externalities or of its negative impacts on society?"
Our approach to AML risk management suits the specific needs of our clients – Axioms programs avoid the administrative burdens of over-compliance and the potential legal jeopardy of under-compliance. There is no one-size-fits-all solution to the inherent challenges of the financial landscape; individual institutions are expected to build a solution which works for their risk profile.
It goes without saying, Axioms AML compliance team are experts in the legislative requirements of their local and international environments: in the United States AML compliance focuses heavily on the Bank Secrecy Act, so compliance programs are overseen by a ‘BSA Officer’. Similarly, in the UK, oversight of AML activities falls to the ‘Money Laundering Reporting Officer’ (MLRO), who reports to the National Crime Agency.
A financial institution’s anti-money laundering policy should form part of its broader compliance regime and should be designed to meet the requirements of its legislative environment. Given the complexity of AML laws, however, creating an effective AML program may be challenging. Anti-money laundering compliance is an ongoing process: the United States’ Bank Secrecy Act (BSA), has been amended by a variety of subsequently-introduced legislation (including the USA Patriot Act), while the EU introduced its Fourth Anti Money Laundering Directive in 2017.
Axiom appoints, a designated principal compliance officer who is responsible for overseeing our client's widespreadimplementation of AML policies and procedures. In tandem, our clients should elect an AML Compliance Officer that will communicate with authorities and auditors, senior briefing management, and making AML policy recommendations based on audits and reports.