Anti-Money Laundering
Our Transaction Monitoring software is specifically designed for Credit Unions.
Visit our dedicated website here for more information on CoreTrack.
We keep up-to-date with Central Bank Guidelines in relation to compliance with AML/CFT obligations and are best placed to advise you in relation to your Credit Union’s compliance. Our bespoke CoreTrack Software is a complete solution for your transaction monitoring, call or email us to find out how we can help.
Transaction Monitoring – Credit Unions
CoreTrack has been designed in close collaboration with credit unions, ensuring a solution tailored to your specific compliance needs. Our platform enhances AML compliance, simplifies transaction monitoring, and significantly improves efficiency in both oversight and reporting.
Bespoke Monitoring
With CoreTrack, credit unions can build their own bespoke monitoring criteria. We understand that all credit unions have different AML monitoring requirements and we have designed our platform in line with the risk-based approach recommended by Regulators.
Transaction Monitoring
You can review flagged transactions meeting your specific criteria, filter by criteria (useful for multiple users) add notes and document decisions reached. At the click of a button you can view your decisions on previously flagged transactions within the same account.
Customised Reporting
- Trends Report – to assist with identifying your key risk areas and trends
- Monthly Board Report – gives a concise summary of each month and allows you to include your own notes
- Exclusion Report – this provides an audit trail of excluded transaction types (eg. loans issued) and internal accounts.
Data Filtering
CoreTrack offers powerful data filtering to easily extract data for use in other areas of your AML compliance.
Security and Data Minimisation
Our comprehensive Compliance Pack includes:
- Data Protection Impact Assessment (DPIA)
- Pen Testing Details
- Security Information and Policies
- Data Protection by Design & Default Information
- Data Processing Agreement
- Incident Response and Management
- Tax Clearance Details
- Insurance Details
General AML Compliance – How can we help
Below is a short summary of what organisations are required to have in place under the law. However, we have found that some just need a bit of guidance and assistance to ensure that they are fully compliant with their obligations. From preparing the initial risk assessment to implementing polices, controls and procedures and carrying out in-house training, we can help you through the steps involved.
Business Risk Assessment
Under the Act, all organisations, no matter what size, must complete a Business Risk Assessment (“BRA”). A well thought out BRA is essential as this informs an organisation’s due diligence measures and documents the risk determination process. It also dictates the appropriate policies, controls and procedures (“PCPs”) needed to combat the risks identified.
On-Going Monitoring
Organisations are required to carry out ongoing monitoring of all business relationships on a regular basis. This involves the scrutiny of transactions, including where necessary, the source of funds, to ensure they are consistent with the organisation’s knowledge of the client, their business and risk profile. Periodic client reviews should be carried out, as well as identifying key trigger events that will require an updated client risk review.
Customer Due Diligence
Under the law, it is a requirement for designated persons to carry out Customer Due Diligence (“CDD”) when doing regulated work. Sufficient evidence should be obtained to establish that a real person or organisation is being dealt with, and this evidence should be used to assess the risk that the client might be involved in AML activities, or might seek to use your organisation to assist them in this activity. CDD can be simplified or enhanced depending on the risk level identified in your BRA
Policies Controls and Procedures
The obligation of organisations to ensure that they adopt appropriate Policies Controls and Procedures (“PCPs”) is explicitly referred to in the Act. Effective AML compliance for any organisation must include the implementation of controls that increase the chances of detecting and preventing money laundering. In order to identify, assess, monitor and manage the risks, the PCPs should be designed to suit the level of risk.
Suspicious Transaction Reports
Organisations are required to prepare a Suspicious Transaction Report (“STR”) in any instance where an organisation encounters actions which are inconsistent with a client’s known legitimate business or personal activities or with the normal business for the type of client. Organisations are legally obliged to report any actual or suspected instances of money laundering to the Financial Intelligence Unit (“FIU”) of An Garda Síochána and Revenue.
Training
The Act also puts an emphasis on training and making sure that all staff are aware of the obligations of the organisation, and them as employees, in relation to compliance with AML/CFT legislation. Specific and regular training is required.
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Beneficial Ownership
Under the Beneficial Ownership of Corporate Entities Regulations 2016, most corporate and other legal entities incorporated in a Member State are now required to “obtain and hold adequate, accurate and current information on their beneficial ownership”.