Manage Money Laundering Risk
CYW can help financial institutions, professional service suppliers and non-financial regulated businesses to Manage Money Laundering Risk.
Our processes are designed to uncover risks to your business and mitigate those risk with policies and processes that actually help you to uncover opportunities to improve your business and its bottom line.
Of course there are generic software analysis products to grade risk in relation to Anti-money laundering. Really basic high, medium and low options sometimes with a matrix to aid understanding. It is critical you go deeper than this for risks that are multi-faceted. How a business does this can uncover threat, risk and harm and actually help to secure opportunities.
We go a step further because protecting your business is important.
- C – Criticality of the risk.
- A – Accessibility or ease of exploiting it.
- R – Recoverability, how difficult would it be to recover should you go ahead.
- V – Vulnerability, how vulnerable you are.
- E – Effect of the risk if it is realised.
- R – Recognition, how easy it is for others to recognise your vulnerability.
Using the system
The system was developed by US Special Forces to grade Risk/Vulnerability by calculating the value of a given potential risk/opportunity and the ease with which it could be mitigated/exploited.
Or in other words, it’s a logical way of looking at what a business might want to do and whether or not it is possible, based on the resources of the business and profile of the risk the business has to manage to secure the reward.
Business Growth Versus Risk
While initially designed for the Military, the model is widely used (mostly in the US) to identify commercial opportunities and measure the risk in exploiting the market. It is used in both the private and public sector. Managing Money Laundering Risk does not mean reducing business opportunity, it can actually help uncover it.
Specific Anti-Money Laundering Risk
Know your customer. Be it onboarding or during a review, a search of our systems will do more than confirm an address, date of birth or PEP status. It will inform what criminal intelligence we have found on the customer, from reports direct to us to dark web data. Know your PEPs, understand adverse media globally and have an insight on source of wealth.
Know your employee. In today’s ‘always on’ world it’s just as important who sits within your walls. Usual vetting might be fine for the majority of your organisation but what about those that present more risk if they go rogue?
CYW can do extensive vetting of employees including technical checks to support your decision making upon an issue being discovered or consideration of promotion or otherwise. All conducted in complete confidence.
Know Your region. We can assist decision making with regard to entry into risk markets with intelligence product to support generic region risk reports. Richer information to provide a more informed decision.
Know your product. CYW can complete independent penetration testing of your products/services for gaps in security with specific money laundering risk. Whether your opening Correspondent Accounts for offshore clients or a new way of offering payment services, CYW will test your systems and people with attempts to launder cash through you.
Contact us for a FREE Risk Assessment
CYW SOLUTIONS – WHO ARE WE?Get Free Assessments, help, reports and more. Contact us for a bespoke report on your provision.
VISIONGlobal Elimination of Financial Crime.
MISSIONWorking with our clients and policy-setters to eliminate criminality from the global financial system through cost effective and efficient means.
- Customers first, foremost and throughout;
- Ethical and honest business and integrity in all we do;
- Teamwork internally and externally to achieve more;
- Empowering creativity in our team; and
- Value for money