More and more organisations in Ireland find themselves operating across multiple jurisdictions and many have already set up subsidiaries overseas to be closer to their customer base. But as seasoned MLCO’s will testify, common principles and Directives don’t necessarily mean common implementation or enforcement. For a compliance program such as with the AML & KYC regulations, small nuances can prove to be a minefield for any organisation that is trying to establish a common compliance solution. Here at AML QUEST we are cognisant of these challenges that organisations face. Through WiseBOS AML we can assist organisations that wish to implement a multi-jurisdictional AML compliance solution that is cost-effective and provides more value to the business.

In order to expand upon the challenges faced by organisations in managing a multi-jurisdictional AML program, I searched for research papers on the subject.  I came across this paper from Proviti Risk and Business Consulting, where they have examined the US, UK and Hong Kong AML regulatory regimes across four areas; regulatory examination and enforcement, correspondent banking, information sharing and AML technology. Although this is a look at a global solution, the advice provided is relevant to all organisations wishing to implement a cost-effective AML compliance solution.

https://www.protiviti.com/sites/default/files/united_states/challenges-managing-global-aml-program-protivit.pdf