Vigilance AML stores all customer due diligence data, including any scanned documents, any completed PTRs, notes on transactions that have exceptions loaded against them, and the name of the AML/CFT Compliance officer that completed these reviews/reports.
Under the Act, a framework for monitoring transactions must be in place to be compliant and pass an audit. Vigilance software is something that can set up transactions and CDD information reviews. It removes the tediousness of having to scan through bank statements, store CDD securely on a server, and submitting PTRs.
Vigilance AML will also provide protection for consultants that encourage clients to use the software, as it will monitor and log the reporting entities processes, and help the framework they have designed for their clients is being followed actively and with the considerations the Act requires.