AML Record-Keeping Rundown

Record-keeping is a vital part of your AML/CFT programme, as it is the source of truth for all your activities. Without good records you cannot prove to external auditors and the Supervisors that your company is doing AML and that you are compliant.

Compliance Officers and teams must keep up-to-date records with timestamps on:

• Risk Assessment
• Compliance Programme
• CDD onboarding
• Enhanced CDD
• PEP check findings
• Ongoing CDD
• Suspicious activities
• Assurance - including findings and remediation
• Audits
• Staff vetting
• Staff training
• Management reporting
• Annual reporting
  
  

The benefits of AML record-keeping

Having a strong system in place for record-keeping will make your AML/CFT management much smoother.

1. It acts as a source of truth for your AML programme: up-to-date written records help you monitor and report on any suspicious activity, track what your compliance team is doing, and prove to auditors and the Supervisors that you are successfully managing your AML programme.
2. It stays constant through employee turnover: a proper record-keeping system will facilitate an easy handover and transfer of knowledge.
3. It creates confidence in your AML system: senior managers and the Board will have more confidence in how the Compliance team is managing the AML obligations if they can see solid data to back it up. Record-keeping is how you record this data.

It’s important your records are up to date, and contain all the relevant information. But managing all your files across paper documents, spreadsheets, and filing cabinets quickly becomes messy.

Paper, spreadsheets, filing cabinets? No thanks.

AMLHUB lets you manage and record all your AML activities in one place as you go. It automatically creates records of your AML activities as you do them, for easy internal and external review. With AMLHUB you will keep your AML records neat and tidy with no effort at all.

See for yourself how AMLHUB makes record-keeping easy.