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La Meer Inc. is a Silicon Valley CA based organization that offers the GRACE Suite of web based solutions for Operational Risk, Compliance Management, Client Compliance, Client Management, IT Risk, Vendor Risk and Operational due diligence.

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Email: info@lameerinc.com
Phone: +1(408) 740 7205
Address: 111 W. Saint John Street, Suite 430 San Jose, CA 95113, USA

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1-408-740-7205 info@lameerinc.com
Automated AML Monitoring with GRACE
Help your Compliance Team manage AML better
What Is 'Anti Money Laundering’ (AML)

What is 'Anti Money Laundering’ (AML)

Money laundering is the process of creating the appearance that large amounts of money obtained from criminal activity, such as drug trafficking or terrorist activity, originated from a legitimate source. The money from the illicit activity is considered dirty, and the process “launders” the money to make it look clean

Anti-money-laundering refers to a set of procedures, laws and regulations that have to be designed and implemented by each financial institution  to stop the practice of generating income through illegal actions and terrorist financing. For all client accounts comprehensive due diligence of their source of funds is mandatory.

The KYC (Know Your customer) process should ensure they are not Bad Actors by verifying against International Sanctions Lists, OFAC (Office of Financial Asset Controls) , PEP Lists of (Politically Exposed Persons) and adverse media checks. They should not have Beneficiary Ownership in organizations that are involved in terrorist activities and do not work in conjunction with Sanctioned Entities and Sanctioned Countries. They should also be checked for Adverse Media reports against them. After clients comes on board, money transfer transactions have to be monitored to identify money laundering trends. It is mandated by regulations that the organization should report suspicious activities to FINCEN through the SAR (Suspicious Activity Report)

Huge Fines and Punishments face organizations that are found guilty of not having the process in place to identify money laundering.

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The Challenges For Your Compliance Team

The Challenges for your Compliance Team

Financial institutions are mandated by the BSA AML (Banking Security Act Anti Money Laundering Act)  and the CDD  Customer Due Diligence provisions to establish AML Compliance procedures.

The compliance team should establish the Policies and Procedures for the staff to adhere to. As part of their day to day process all client facing staff have to conduct Account Opening Verification against terrorist and sanctions watchlists for new clients.  When funds transfer transactions are requested, the compliance also needs to look at patterns of money transfers by the customer to ensure that money is not moving into suspect accounts for either terrorist or illegal activities.  The CDD – Beneficiary Ownership rule requires verification of ownership of the client in sanctioned entities.

Manually keeping track of each client, verifying them against  all of the sanctions lists, ensuring that the money transfers are not done to companies that are involved in criminal and terrorist activities is a daunting task, specially so if there is a lot of client activity. Compliance staff can be over whelmed with the amount of manual labor involved and may miss trends that may be easily noticeable if they had a system in place. All suspicious activities are mandated to be reported to FINCEN and other agencies.

Besides this, financial institutions have to conduct risk assessments of the business’s various entities on a calendar basis to ensure all branches, IT systems, customer facing staff and other members involved in AML processes are following the process defined by the organization.

GRACE Can Help You Automate Your AML Monitoring

GRACE Can help you Automate your AML Monitoring

GRACE AML helps you establish the processes of managing your client information  verification against sanctions and terrorist watch lists in an automated way. Along with transaction monitoring, this will help you ensure that all clients are monitored for suspicious activities and brought to the attention of the regulators through Suspicious Activity Reporting.

GRACE AML helps you set up the policies and procedures and ensuring that all the staff attests that they have read it  through its on-line attestation process

GRACE AML’s risk assessment functions can help you conduct comprehensive assessment of branches, departments, locations and businesses to verify adherence to the defined process and identify risks and issues that are not being considered and manage the mitigation of these risks.

GRACE AML can help keep of AML training to ensure the organization is trained periodically

GRACE AML system makes the process of AML monitoring, comprehensive, effective and less costly by reducing manual work and ensuring that the compliance staff is able to keep an eye on high risk clients to the organization.

It helps your organization implement a visible and assured process that will satisfy the regulators during AML examinations

 

GRACE AML Monitoring Modules
Organized, Efficient Anti-Money Laundering Monitoring

Keep Track of your AML Policies

GRACE can help you define and manage the Policies and Procedures  for Anti-Money Laundering for all the lines of Businesses of the organization.

Manage detailed reviews and comments by all related departments including legal, compliance, client management and other groups

Ensure all comments are incorporated and release the policy or procedure

Conduct Online Attestation

GRACE can help you ensure that all staff are sent the latest policy / procedures for them to read and attest online. This ensures that the latest procedures for checking AML are well understood by staff. Periodic attestation can help staff be reminded of the correct procedures for AML Verification

GRACE can set up Attestation templates, as well as Attestation calendars for the staff / groups of staff can be included. Emails can be received to alert  them about the attestation. and reminders can be sent. Attestation dashboard will allow the organization to see how many people are pending attestation and ensure all of them go thru the attestation process.

AML Training

GRACE can help you set up the Training calendar for all of the staff to be trained periodically on the processes. Set up Training questionnaires to assess process understanding. Online questionnaires can sent to members for the organization to verify their understanding.

Training dashboard can help you identify staff members that have not gone thru the training

Client Information Management

GRACE helps you manage client Information including residences, jurisdictions, legal entities, dependents, relations etc to track AML across customer entity.  Client information can also be imported from source systems / loaded from excel to be brought into GRACE. Clients can be assigned to Staff for monitoring.

Automated AML monitoring and, risk flagging can be initiated at the click of a button to pull information on these entities from industry respected sources into GRACE for clients existence in worldwide PEP (Politically Exposed Person) list, sanctions lists, watch lists with automated red flagging along with beneficiary ownership and Adverse Media information.  All  red-flagged information will be brought to the compliance officers attention. Compliance officers can also manually red-flag / mark false positive on the information. The client’s risk profile can be update based on the information. Information changes will also be audit trailed. Clients will also be monitored on a batch mode to identify any new risks seen with the client that warrant a SAR (Suspicious Activity Reporting)

Transaction Monitoring

GRACE can automate the process of data load of transactional information for clients like funds transfers, Automated Clearing (ACH) wires on the system through APIs or file transfer mechanisms or excel / CSV file loads.

GRACE can monitor transactions to see suspicious trends based on rules and red flag them for the Send To bank being on the suspicious list, or accounts to which money is being transferred to being an account that has been flagged to belong to a Sanctioned Entity, and look at frequent small / big value transactions being frequently transferred.

Transactions in the suspicious list can also be included into the  Suspicious ctivity List in case it needs to be report to FINCEN.

Client Management Dashboard

The Client Management dashboard can help you take stock of all yoru client information and identify high risk profiles. It can show the Client Risk Profile and help you drill into their status of violations if any, their transactions and the patterns.

The dashboard can provide information on the status of AML monitoring queues and workloads of staff.

The dashboard can help you identify high risk branches, processes and client groups to help you improve the process. It can also show you the status of training, attestation to ensure you are able to improve compliance

AML Risk Assessments

AML Risk assessments are a big component of AML Monitoring . GRACE helps you can set up and use standardized checklists for periodic risk assessments across departments, business functions, lines of business, branches and locations

You can set up Calendars for assessments and receive alerts to keep track of all the assessments. You can send out Risk Assessment Questionnaires Online and use Survey like function to collect information. You can also physically conduct the assessments, record findings and risks. By classifying it in a standardized way, you can quickly identify the areas of risks across the organization, and manage mitigation

Findings from Risk Assessments could also refine policies and procedures and lead to enhanced training, re-attestation and other processes as mitigation.

Staff that is assigned to assessment or mitigation tasks can be alerted and can report online on the system on status of tasks

The Risk assessment dashboard that can help track status of assessments, findings and mitigation task status

AML Issue and Case Management

Issues and Case Management is inherent part of the GRACE workflow management.

Clients at Risk can be added to issues which could need any additional investigation to confirm their high risk status

If the High risk status leads into a SAR (Suspicious Activity Report) , then a SAR Record can also be created.

As part of Issue Management, issues can be assigned to staff, they can add in notes, escalate the review process and close issues

Issue task management alerts will be sent out for reminders

Issue Dashboard can give senior management the view on all issues and their status of mitigation as well as patterns in issues.

My Portal

Provides each user with their own portal where they can see all their tasks  for AML monitoring, risk assessment calendars , training, attestation, policy reviews and other activities that they are responsible for

The My Portal also provides functions for reporting task status, mitigation status and other functions.

The Great Value You Get from Using GRACE AML

Organized, Efficient Anti-Money Laundering Monitoring

Manage AML Comprehensively

Helps you have an integrated system for handling all AML requirements and a single repository of information for all queries, examinations and audits

Reduces Manual Labor and Errors

Relieves compliance staff of many manual hours of labor to search for information on the client against various sanctions list

Ensures Violations are Caught Early

Ensures all violations are caught through the automated process and red-flagged in an easy to identify manner to avoid the needle in the haystack problem

Monitor for Risks even when you are not looking

Be able to know new information available in the sanctions list or adverse media even when they are not looking for it.

Have a Consistent Process

Ensures the staff have a consistent process which can be followed at all times.

Monitor Suspicious Activity in an organized way

Monitors High Risk Clients and manages SAR(Suspicious Activity reporting) in an organized way

Conduct Periodic Risk Assessments to Improve Process

Manages risk assessments and identifies loop holes in the process

Client Classification and Management of Risk becomes easy

With an integrated web based access anytime anywhere, client information classification and risk grading them becomes simple.

Regulatory examinations can be handled with confidence

With a visible and streamlined process for AML,it is very easy to prove and show your process to regulators

Organization Ownership of Data

Organizations suffer when key risk and compliance staff leaves. The information is scattered if maintained solely by individuals and are lying on disks in various forms. GRACE becomes the single central repository of documents, data and processes enabling continuity even when key people leave the organization

Easy to Integrate and Customize

GRACE offers easy integration with organizational source systems to bring in funds transfer and other data at low costs. AML Monitoring can be done through a single system and the red-flagging using business rules during the data load process allows AML officers to focus on  compliance instead of data gathering

Enormous Cost Savings

Enormous costs savings in unwanted labor in keeping track of AML, avoid regulatory fines, legal costs, reputation risks and empowers the organization in managing risks.

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