Specialist software and anti-money laundering training

Although it can never take the place of anti-money laundering training programmes, the support that specialist software offers to a Regulated firm can make that company's compliance with relevant law easier to achieve.

As with any software choices, it is impossible to make blanket recommendations of one particular program to all companies with obligations under the Money Laundering Regulations 2007, as each business will have different needs of that software. The best package for a company whose priority is customer due diligence on infrequent large payments will focus on the 'know your client' solutions available, for example, whereas a company handling large numbers of transactions may desire a program that can identify unusual patterns of transactions that may lead to suspicions of criminal activity.

The various solutions available provide a range of benefits to Regulated firms. Some packages can automate tasks for a money laundering reporting officer (MLRO), such as producing the Suspicious Activity Reports that should be completed should a program recognise irregular payment patterns. Others may have an inbuilt communications system through which professionals can raise worries with their MLRO if unusual activity is noted, or may provide workflow management tools to help the MLRO deal with suspicions effectively.

Additional criteria that Regulated firms should consider when looking at anti-money laundering software include reviews, quality of technical support, and whether it is designed to be used in the appropriate size of organisation. The internal communication systems mentioned above, for example, may be of great assistance in a multinational operation, but less so for a sole practitioner.

Once installed, it is vital to ensure that the staff and principals using the systems are fully trained in the usage of the software, and that they remember that it is a tool to assist with their compliance duties, rather than something that will take those duties away.

Experts in anti-money laundering training and relevant software
The money laundering seminar programmes provided by ML Solutions 4U can be tailored to include software recommendations for client firms, alongside practical and efficient demonstrations of the methods by which businesses throughout the Regulated sector can meet their obligations regarding the proceeds of crime under UK law.

As a 21st-century provider, ML Solutions 4U can provide its accredited development seminars in software format, as well as using traditional seminar and workshop methods. We are always happy to discuss the anti-money laundering training needs of a Regulated firm, and welcome contact through our enquiry form or by calling us on 0845 402 0001.

Money Laundering Information » Software and Anti-money Laundering Training