Waterford accountancy firm O’Dwyer Power has developed an anti-money laundering compliance platform designed for credit unions.

The firm says that AML Assist was developed in response to transaction monitoring issues credit unions encounter regarding their AML/CFT compliance.

Billy O’Dwyer commented: “We have been working with credit unions for some time in other areas such as audit and GDPR compliance.

“By listening to their needs we developed AML Assist to help them with their AML/CFT transaction monitoring. We are delighted with how well it has been received and have several credit unions signed up to date”.

O’Dwyer added that AML Assist is not off the shelf – the solution is bespoke and  tailored to each credit union’s monitoring requirements.

In Association with

Under the relevant legislation, credit unions must complete a Business Risk Assessment. This informs an organisation’s due diligence measures, and documents the risk determination process. It also dictates the appropriate policies, controls and procedures needed to combat the risks identified.

Credit unions are also required to carry out ongoing monitoring of all business relationships on a regular basis. This involves the scrutiny of transactions and 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.