The potential consequences resulting from an organisations' failure to manage the risks of money laundering are catastrophic. Whilst recent events have resulted in governments around the world enacting laws requiring banks and other financial institutions to take an active role in preventing and detecting money laundering - money laundering is not just a compliance issue - it is a risk that must be managed at the highest levels of an organisation.

The problem: Financial institutions are particularly vulnerable to the risks of money laundering due to the range of customer relationships they manage and the array of products, services and transaction types they offer. Weakness in policies and procedures, regulatory and internal audit compliance functions and poor information systems compound the exposure to money laundering risk.

How enSynergy can assist: Our compliance management software enProcess allows you to control and manage vital internal procedures from start to finish. enProcess is the first of it's kind for the financial services sector - providing rules-based tracking for all milestone stages of processes - both system and user-definable processes. enProcess makes use of our task-management and user alert systems to assist in the work-flow management of outstanding tasks. enProcess can produce all internal / external documentation required for a given process, and maintains a complete audit trail for successful and unsuccessful processes. enProcess can be used to manage key processes such as client take-on, incorporations, source of fund vetting, distributions as well as annual work or even billing. enProcess can be customised to suit your own business requirements - and in addition we can provide a user-definable "wizard builder" for the production of your own procedural work-flow.

An example of enProcess in action: Take a key process such as Client Take-on. enProcess can take care of all necessary steps within the Know Your Client (KYC) due diligence process... including the production of all initial documentation, background checks, alerts to relevant personnel, ensuring that all required steps are completed in the correct order and recording the results - permanently. Providing the KYC process is completed successfully, enProcess can then manage all of the required pre-incorporation processes including communicating with relevant external parties - as well as incorporation(s) including the production of all incorporation documentation. And if you're still not impressed - because of it's tight integration with our trust / company administration suite, enVisual, all new entity details are automatically passed from enProcess into enVisual's central database. Benefits: All key details including companies, trusts, officers, shareholders, settler etc. and their relationships are captured during the compliance processes and stored once within enVisual.

But why stop there? enProcess can be used to control and manage just about any internal process you want to throw at it. At last a powerful workflow tool that you can customise. Click here for a brochure (requires Acrobat 4 or above)

Contact enSynergy today for further details on enProcess.

If you would like to Receive the most comprehensive offshore and onshore accounting news to your desktop - subscribe here.