AML outsourcing

COREDO is a leading specialist in the financial sector, and our AML team is experienced in working with clients worldwide. In our work, we adhere to the principle of continuous learning – our specialists constantly monitor and master all AML innovations and actively apply the acquired knowledge in practice. We offer assistance in the implementation and support of a tailor-made AML system for your services in accordance with all legal requirements and regulations.

 

What can we offer?

Customisation of your AML system to suit your individual business needs

We offer turnkey development of your entire AML system, including setting up customer identification and verification processes, transaction monitoring, risk assessment, staff training, detecting suspicious activity, etc. The whole system is designed according to your business type, AML law and individual wishes.

Customisation of your AML system to suit your individual business needs

Development of internal AML regulations by current legislation

AML regulations are the foundation for the proper understanding and application of AML principles, as they provide detailed instructions for you and your employees. The correct AML regulations must comply with the requirements set out in the AML law and be clear and practical.

Development of internal AML regulations by current legislation

An assessment of your current AML system and internal regulations

Suppose you already have your AML regulations. In that case, we are ready to conduct an expert evaluation to check the compliance of the internal policies with the current AML law, identify possible shortcomings, and, if necessary, offer you options for improvement.

An assessment of your current AML system and internal regulations

Development of a comprehensive onboarding process for the client

The onboarding process is an integral part of the business relationship because, at this stage, you need to get to know your client and understand why they want to work with you in order to avoid abuse of your services. But just as importantly, the onboarding process needs to be client-friendly, i.e., customer oriented. On the one hand, we can set up a comfortable and easy onboarding process for your clients, allowing you to carry out all the necessary procedures required by law.

Development of a comprehensive onboarding process for the client

Regular assistance and advice in fulfilling the duties laid down by AML Act

We can help you better understand the legal requirements and explain complex legal language in simple terms. Understanding your tasks is a prerequisite for their successful completion.

Regular assistance and advice in fulfilling the duties laid down by AML Act

Practical training for your employees

Our staff training system is built primarily on the practical side of AML processes. You not only need to know the principles of AML but also understand why it is so important to put them into practice. Moreover, employee training is a continuous process, so we offer you not only an essential course for your employees but also seminars when there are innovations in AML occur.

Practical training for your employees

Due Diligence procedure on your clients

Our range of services includes carrying out AML controls on clients following your internal regulations and procedures as the AML Act says they should be done.

Due Diligence procedure on your clients

Service packages

Basic Basic+ Standard Standard+ Premium Premium+
Number of hours 5 10 20 40 80 160
Review of client documentation + + + + + +
Consultation with an AML specialist + + + + + +
Updating internal AML regulations under legislation + + + +
Annual training for all your employees as required by AML Act + + + +
Holding seminars and training sessions for your staff when the requirements of AML law and other legislation change + +
Dealing with any non-standard situations + +
Developing a comprehensive client onboarding process + +
Meetings with our AML team every fortnight to deal with difficult situations +
Improving the AML system according to your wishes +
Each additional hour, euros 110 100 90 80 70 60
Cost, euros 550 1000 1800 3200 5600 9600

Why is it more cost-effective to use our services than to employ an in-house AML specialist?

  • You involve experienced professionals.

Our AML team comprises top-notch professionals with extensive experience in the AML field and all the necessary knowledge to understand AML issues in depth. We regularly work with clients from different countries providing different financial services, so we have extensive experience with the legislation of various jurisdictions, including the UK, Czech Republic, Estonia, Spain, Poland, Portugal, Hong Kong, Singapore and others. Moreover, thanks to our international cooperation, our team regularly monitors all updates and innovations in the AML field in different countries, thus learning the specifics of this industry from different angles.

 

  •  There is no concept of holidays and sick leave for us.

Unlike a full-time employee who may go on holiday or fall ill at any time, we have a team of interchangeable employees ready to give you any AML advice and support as soon as you need it. In any unforeseen situation, you will not need to find a temporary or permanent replacement for your employee.

 

  • You will save time, money and resources.

We offer you ready-made AML solutions that are already in practice. You will save time developing internal regulations, setting up the work system, training new employees and monitoring their performance. On this basis, you will save money because eliminating the previously listed tasks leads, among other things, to a reduction in the total payroll and lower social insurance and tax costs.

  • Two heads are better than one.

Our team is made up of many specialists, each with their skills and abilities. Finding someone on staff with several unique characteristics is tough, and keeping them is even more challenging.

 

  • You pay us for the result.

Monitoring the performance of an in-house AML employee is a difficult task that, again, requires the expenditure of certain resources. You pay us for a specific result predetermined in our contractual relationship.

 

  • Increasing the efficiency of your core business activities.

By delegating the responsibility of AML compliance to us, you can redirect your attention and resources to improving your services and growing your business.

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