AMLHub

Background
AML Solutions have designed and built an industry best practice solution enabling AML compliance – the AMLHub is a cloud-based solution (SaaS) much as Xero is for accountancy.

The solution is designed to reduce the administrative and record keeping burden of compliance allowing reporting entities to focus on their core business. The AMLHub is designed to provide a complete end to end solution. It focuses on the management, training, and simplification of AML compliance.

The project scope

• Creates, stores, and version controls risk assessment and compliance programme
• Annual report advice and document storage
• Training register
• Customer Due Diligence builder and register including electronic verification
• Permissions and security to control who can view what and encryption of confidential information
• Suspicious activity register
• Audit functionality providing substantial AML Audit cost savings
• Full help functionality
• Activity logs for all registers
• Hierarchical – dashboards and visibility at head office and single branch level

Challenges

• Having completed over 700 Engagements or Audits with Phase 1 reporting entities, AML Solutions have developed the product around simplicity, ease of use, and sound document management and activity logging
• The AMLHub is an end to end solution that streamlines your compliance processes and procedures
• AML Solutions have also taken an Auditor’s view of compliance and addressed common failings seen over the last 4 years for phase 1 entities. This will result in reduced Auditor time and substantial savings
• For multi office entities the AMLHub provides centralised oversight and regional management
• AML Solutions is able to communicate, through the AMLHub, any market intelligence relevant to AML and Real Estate including any regulatory or guideline updates
• In built instructions and training modules and registry
• Common sense data entry – learn as you go and minimise duplication
• Centralised document storage and management with version controls
• Alerts and reminders. Issue identification and warnings to ensure important obligations are met and not overlooked

Benefits

• Having full visibility of your AML compliance
• Reduce the time and cost of complying
• Avoid missing critical obligations
• Reduce the risk and serious consequences of non compliance
• Provide confidence to the supervisor (Department of Internal Affairs)
• Continuity in the event of staff turnover
• Industry standard solution tailored to each agencies activities and client base
• CDD builder and electronic identity verification
• All record keeping and required registers
• Ease of Audit functionality ensuring substantial AML Audit savings
• Peace of mind knowing working with an industry solution

Technical achievements
Front-end: Single Page Application powered by Vue.js
Back-end: RESTful Web API built using PHP Laravel with a MySQL database
Infrastructure: Docker containers running in a Kubernetes cluster on Google Cloud