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Top 10 Ways IG Best Practices Make Sure You Are AML Compliant




1. Data Management. Properly storing and keeping your data helps ensure that all data related to AML compliance is accurate, complete, and accessible.


2. Recordkeeping. AML laws require you to keep records for specific periods of time (usually 10 years, but not always). IG lets you know what to keep and how long to keep it.


3. Risk Management. IG helps you identify high-risk customers and transactions and track your due diligence efforts (on all customers).


4. Audits. IG practices include regular internal audits and training on AML compliance requirements, leading to fewer mistakes.


5. Reporting. IG best practices make sure that you keep detailed documentation of all transactions and customer information & ensure that all reports are properly reviewed and approved by authorized personnel.


6. Data Integration. IG helps ensure that data is integrated across all systems and departments (vs. siloed), which can help you get a full picture of all of the AML data that you hold in different departments & locations.


7. Data Quality. IG helps to make sure that you are using the right versions of the right documents and that those documents are labeled properly (so that you can find them).


8. Access Control. Bad actors are everywhere...IG helps to ensure that you have the policies in place to prevent them from accessing your systems (and the important AML-related personal and financial data that is on them).


9. Compliance Automation. IG best practices include automating data collection, monitoring, reporting, and analysis processes, which can help reduce the risk of errors and increase the speed of your AML compliance activities.


10. Continuous Improvement. IG is a lifestyle and having healthy compliance practices that you continuously monitor and improve helps to make sure that you can avoid many regulatory pitfalls -- including AML compliance failures.

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