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Anti-Money Laundering Compliance
What is it?
Post 9/11 money services businesses (MSBs) such as check-cashers, money transfer agents and money order agents were identified as potential channels of money laundering. As a result new legislation was enacted that required all MSBs to register with the Federal Government and to develop and implement an Anti-Money Laundering Program (AML) that meets the minimum needs defined in the requirements. The requirements state that each AML program must:
- Designate a compliance officer to oversee the development and implementation of the AML Program
- Develop internal policies, procedures and controls that effectively combat money laundering
- Provide ongoing training to employees to implement the policies and procedures
- Do regular independent audits of the implementation of the AML Program
How can we help you?
The biggest hurdles that most merchants face in becoming AML Compliant are developing the internal policies, procedures and controls that are effective and implementing the program. EmagineNET Technologies can help overcome both of these hurdles. We have developed a comprehensive kit that helps the merchants develop a program that is effective in combating money laundering. EmagineNET QuickCheck aids in the implementation of this program by automatically building logs that are required to be maintained.