If you’re constantly updating spreadsheets to manage your Anti-Money Laundering customer due diligence obligations, SILO Compliance System is for you. AML compliance is too important to be managed on a spreadsheet or through a “module” bolted on as an afterthought to an accounting or document management system.
Are you managing name screening in one system, using a spreadsheet to calculate a risk assessment, then keeping another spreadsheet of your high-risk customers and PEPs, then calendaring when a review of a customer is to be done?
Are you still looking at customer due diligence (CDD) files and finding some items missing or long expired? If an auditor pulls those files, you’re at risk of penalties (again). SILO provides easy upload of due diligence documents to your customer’s profile page and demonstrates to your regulators that you get notified of expired documents so you are always up to date.
The most common phrase we hear from our users is “it just makes sense”. That’s because SILO is designed by former compliance professionals that have real world experience – plus we’ve been listening to our users for some years now and when they suggest good ideas, we implement them. (They’re some smart people.) We also understand AML compliance may not be your only responsibility so we made SILO easy to learn and use.
Most regulators are hard to satisfy. You can have the most complex system in the world and work 20 hour days doing nothing but compliance but if you can’t easily demonstrate you’ve got it all under control, you’ll be seeing them again and again (and again). They want to see how you are screening against sanctions, who’s approving, how you are consistently risk rating your customers, reviewing and monitoring customers, training your staff and keeping senior management informed and involved on compliance matters.
If you want to install on your own server or use a private cloud, we can deploy SILO same day. We even have data migration tools to help get your legacy data uploaded. Deployments can all be done remotely and our super friendly account managers can get you and key staff trained next day so you’re working right away. Plus we’re always there to help with great IT AND compliance support.Request Demo