Keeping AML systems effective: takeaways from the webinar

As with most things, AML systems must adapt to the changing environment and be updated continuously. Last week WALLESS AML experts Associate Kaisa Saarmann, Estonia, Associate Partner Simona Vosylienė, Lithuania, and Senior Associate Igors Dambrāns, Latvia, held a webinar together with AHK members and discussed how to keep AML systems effective.

For those who missed the webinar, we share the main takeaways:

–       AML and international sanctions systems should be treated as living organisms that must change and evolve. It can’t remain the same for years.

–       Don’t wait until the supervisory comes. Identify weak points of your company’s internal control system, perform an internal or external audit, do the risk assessment, quality assurance tests and improve.

–       Inform your customers why you need certain data and explain why it is necessary to fill out questionnaires. It is a matter of raising public awareness, and there is still much to be done in this regard, both by local regulators and obliged entities.

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