Each vCAMLO client is partnered with a compliance pod, which consists of a money laundering expert, and their team of analysts. That expert becomes the client’s dedicated point-of-contact. They and their team begins by evaluating and remediating the compliance regime, tuning technology settings for remote monitoring, and then by taking the burden of many daily AML compliance responsibilities.
Outsourced compliance is comprised of the following components:
Compliance Regime Development and Maintenance: Each vCAMLO relationship begins with an evaluation and remediation of the AML compliance regime. The revised risk-based compliance regime will reflect upper-range industry practices, and a shift of AML compliance burdens from the organization to vCAMLO. Prior to implementation, vCAMLO provides risk-based and role specific training for the new regime.
Technology and Tuning: vCAMLO relies on risk management technology to remotely monitor and manage AML compliance. For most clients, vCAMLO relies on rely Verafin’s money laundering and fraud risk monitoring application (www.verafin.com). Verafin is implemented in more than 400 financial institutions across North America, and is endorsed by the Credit Union National Association (http://strategicservices.cuna.org/csa_verafin.html) . The tuning phase involves adjusting parameters in the risk monitoring technology to reflect the risks faced by the Reporting Entity, to reflect policy and procedure imperatives, and to increase detection rates.
Remote Alert Monitoring: Once operational, vCAMLO becomes responsible for resolving technology generated alerts. Those alerts put forward cases of potentially reportable transactions (such as suspicious activity, electronic funds transfers, and large cash transactions), client risk and identification issues, and potential watch list matches. We fill out necessary forms, we file required reports, and we escalate significant issues for you.
Helpdesk: Through an affiliation with veteran financial services helpdesk provider, Sonoma Technical Support Services (http://www.sonomaservices.com/), vCAMLO provides access to a 24x7x365 bilingual helpdesk, to receive and triage employee reports of potentially suspicious transactions, and their compliance questions.
Compliance Monitoring: vCAMLO leverages technology to conduct auditable evaluations of adherence to AML compliance obligations, including client identification standards.
Reporting: vCAMLO provides regular reports to management with observations and statistics for AML compliance and risks in the preceding period.
How does outsourced compliance work?
Each vCAMLO client is partnered with a compliance pod, which consists of a money laundering expert, and their team of analysts. That expert becomes the client’s dedicated point-of-contact. They and their team begins by evaluating and remediating the compliance regime, tuning technology settings for remote monitoring, and then by taking the burden of many daily AML compliance responsibilities.
Outsourced compliance is comprised of the following components: