Our research, which was conducted over many years with industry partners, has shown that evaluating the capability of an organisation’s AML framework is extremely important but in reality is only the tip of the iceberg.
The real problem is knowing how to measure and understand the AML culture of the organisation. This is unsurprising as we have known from numerous research studies over many decades that the success of any business process framework is dependent on the appropriate culture being embedded within the firm. For institutions anxious to avoid censure and financial penalties for money laundering or sanctions breaches it is being able to measure the extent to which AML compliance and risk awareness is embedded in the risk culture of the organisation that is of vital importance.
The key challenge that faces organisations is how to measure a concept as intangible as AML cultural embedding and do it rapidly and cost effectively.
Durrus Compliance Diagnostics has solved this problem.
Our services are focussed on working collaboratively with our clients and re-sellers to provide a readily-accessible and simple way of assessing the appropriateness, proportionality & effectiveness of an institution’s AML regime and, particularly, understanding the predominant behaviours and attitudes to AML.