News & Events

Top Tips for Developing Effective AML Risk Management Practices

Customer Risk Assessment is a crucial part of business compliance. As industries across the globe shift towards complete digitalisation, it is important to realise the complexities of risk assessment and how it impacts your organisation.

It is equally essential for organisations to consider an effective risk assessment strategy to map out the risk factors and monitor their customers against them. For conducting thorough and secure risk assessments, the use of advanced AML and KYC software solutions, make it significantly more effective for companies to limit the risk of losing money, while at the same time ensuring the safety of their customers.

Here are the Top Tips for Developing a Robust Risk Assessment:

1
Conduct Due Diligence

This is vital to develop accurate and reliable customer risk profiles by gathering their respective financial information and doing a background check.

2
Use Automated Solutions

State-of-the-art technologies can quickly provide real-time monitoring and alert your business for potential risks & suspicious activities.

3
Keeping up with Regulatory Changes

Being up-to-date with AML and KYC regulations is essential in ensuring compliance and reducing the risk of any fines or penalties by regulatory authorities.

4
Consistent Monitoring

By introducing real-time transaction monitoring, your business can detect potential risks and fraudulent activities, while providing regular updates of your customer profiles.

At eBOS, we are committed to providing our clients with a risk-averse experience and strive to ensure that your organisation stays compliant with the use of our WiseBOS Suite of Solutions. This state-of-the-art suite of modular solutions is specially designed to manage risk, carry out customer due diligence, and, most importantly, provide the best security standards. We stand proud to offer an effective AML risk management framework through our WiseBOS RiSC, which fully complies with the latest AML rules and regulations.