Here's What An AML Consultant Should Be Able To Do For Your Small Bank

Posted on: 26 August 2018


If your banking institution not already working with an AML consultant, there has never been a better time to consider doing so. Following are a few important things an experienced AML consultant should be able to do for your bank's organization overall.

Implement and Manage Internal Controls

One of the most important things you should be able to rely on your AML consultant to do is implement and manage an appropriate set of user controls that will help ensure that nobody within your operation even has the opportunity to commit financial fraud of any kind. The controls should also stop hackers from getting into your IT systems and committing fraud.

The control system should be easy to manage so that you can oversee the day to day operations of it yourself, but if your AML consultant should be the one to ensure that the controls are always working properly and that no breaches are made as time goes on.

Conduct Independent Tests and Reporting

It's important that the AML consultant you decide to hire is able and willing to conduct independent tests and reporting as time goes on and your bank's business practices change. The testing should be done by a third-party analyzer, which could be someone on your consultant's team or another independent service provider who they contract with.

Testing should be done on a regular basis to make sure that your IT system and intranet remain secure at all times, and faux money laundering attempts should be made to ensure that all security precautions being taken to prevent such fraud are effective. And your AML consultant should be able to provide you with reports on a regular basis that provide you with the results of any testing that is done within your baking institution.

Train and Manage Necessary Personnel

Over time, you may find the need to appoint the responsibility of managing your anti-fraud systems and procedures to at least one person within your organization. Your AML consultant can identify the most plausible candidates among your employees and help train them to perform specific functions under the management of your consultant. This will save you time, energy, and money when it comes to protecting your bank from financial fraud as time goes on.

Schedule a consultation with a trusted AML consultant to learn more about how they can help keep your banking institution safe both now and in the future as technologies change. For more information, contact a company like Burns Risk Management.