The release incorporates new data from the Financial Action Task Force (FATF), an inter-governmental body which identified 28 countries with ‘strategic deficiencies’ in AML efforts. The FATF’s 35 member nations and regional organizations represent major financial centers in all parts of the globe.
AML Atlas continues to rate Iran, Burma (also known as Myanmar), and Cuba as among the riskiest countries, considering the US and multinational sanctions against them. In addition, it identified several countries, including Andorra, Ethiopia, Kenya, and Monaco, as presenting rising risks.
Promontory Compliance Solutions introduced AML Atlas in 2005 to meet the need for a geographic risk assessment tool that rates countries according to their perceived risk of money laundering and terrorist financing. Delivered twice a year through a subscription-only database, AML Atlas compiles information on over 200 jurisdictions and assigns each an overall risk score. The database is used by community, regional, and multinational banks in the US, Europe, Asia, and Africa, and can also be used to create customized reports and risk ratings.
In addition to AML Atlas, other Promontory Compliance Solutions offerings include RADAR, a tool for conducting compliance risk assessments according to a uniform methodology across an entire financial holding company, and Log, a web-based application that improves information flow and facilitates better compliance project management.
Eugene Ludwig, CEO of Promontory Compliance Solutions, said: “The need for cutting-edge intelligence on money laundering hot-spots is as great as it has ever been, and AML Atlas has earned a loyal following.”
Michael Dawson, chief operating officer of Promontory Compliance Solutions, said: “This latest release not only incorporates the latest FATF advisories, but incorporates feedback and data from our growing subscriber network based on their on-the-ground experience with high-risk countries.”
Promontory Compliance Solutions is an affiliate of Promontory Financial Group, a global financial services consulting firm.
