Don’t let AML/CFT become ho-hum

Don’t let AML/CFT become ho-hum

20 SEP 2021

Ho hum is described in various dictionaries as being dull, routine, unpleasant and tedious. If this is how you think about AML/CFT, then these tips may help remove the ‘ho-hum’ and re-kindle a small glimmer of enthusiasm.

Don’t let AML/CFT become ho-hum

Tip #1: Remove the pain

Seriously consider implementing a technology solution to remove the time consuming and client intrusive bits of AML/CFT. Our paper Embracing AML/CFT Digitisation will provide insights and steps on how to select the right software solution.

Tip #2: Understand the why

No one likes doing something unless they know why it is important. Royden McGee is a master of bringing AML/CFT alive and providing practical and topical insights into why the government is so serious about New Zealand meeting its AML/CFT global obligations. Use the webinar ‘Making sense of AML/CFT changes’ (coming soon) as the first step in making AML real within your business. From there, Royden can tailor specific sessions just for your business.

Tip 3: Run a team competition

Incentivise the staff to be innovative and look for ways to improve the client/customer experience around meeting AML/CFT obligations. Provide a meal voucher for two for the person who rewords documents to make them more consumer friendly, improves the processes or develops a way to ensure the necessary checks pick up the key points.

Contact the team at Strategi Compliance for assistance.