Services – AML Team

AML Policies & Procedures

Developing and implementing robust AML (Anti-Money Laundering), policies and procedures in compliance with regulatory requirements and reducing the risk of money laundering and other financial crimes.

Developing and implementing robust AML (Anti-Money Laundering) policies and procedures in compliance with regulatory requirements, reducing the risk of money laundering and other financial crimes. AML policies typically include the following elements:

Customer due diligence (CDD): This involves verifying the identity of customers and understanding their business activities.
Designation of a money laundering reporting officer (MLRO): The MLRO is responsible for overseeing the implementation of AML policies and procedures and reporting suspicious activity to the authorities.
Record-keeping: Businesses are required to keep records of all customer transactions for a period of time.
Suspicious activity reporting: Businesses are required to report suspicious activity to the authorities.
Employee training: Employees must be trained on AML policies and procedures.

Risk Assessment

Conduct a comprehensive risk assessment to identify and understand the specific money laundering risks associated with your business activities, products, services, and customer base. Consider both internal and external factors that could contribute to money laundering, such as geographic location, customer profiles, and transaction types.

KYC Check

KYC (Know Your Customer) checks are an integral part of the customer due diligence process in AML (Anti-Money Laundering) compliance. KYC checks involve verifying and understanding the identity and background of customers to assess the risk of potential money laundering, fraud, or other illicit activities.

AML Check

AML checks, or anti-money laundering checks, are a set of procedures that businesses and organizations use to verify the identity of their customers and assess their risk of engaging in money laundering or other financial crimes. We cover, customer identification, customer due diligence, screening against sanctions and PEP lists, monitoring for suspicious activity: This involves monitoring customer transactions for signs of suspicious activity, such as large cash deposits or transfers to high-risk countries.

SAR Reporting

A Suspicious Activity Report (SAR) is filed to report known or suspected violations of law or suspicious activity observed by the reporting institution. The purpose of SAR reporting is to help law enforcement identify and investigate money laundering and other financial crimes. SARs provide law enforcement with information about suspicious activity that they may not otherwise be able to obtain. This information can be used to identify and investigate criminal networks, track the flow of illicit funds, and bring criminals to justice. SARs must be filed within 30 days of the date that the reporting institution first becomes aware of the suspicious activity. SARs can be filed electronically or by mail. SARs are confidential and are not released to the public. However, law enforcement agencies can access SARs to investigate money laundering and other financial crimes. SAR reporting is an important part of AML compliance.

Training

The Money Laundering Regulations (MLRs) require all relevant firms to provide AML training to their staff and agents. This training ensures that staff and agents are aware of their obligations to report suspicious activity and understand how to comply with the firm’s AML policies. The MLRs define AML training as “training that enables relevant persons to understand the firm’s AML policies and procedures and to recognise and report suspicious activity.” The training must be tailored to the specific role of the individual and must be updated on a regular basis to reflect changes in the law or in the firm’s AML policies. The MLRs also require firms to keep records of the AML training that they have provided to their staff and agents. These records must be kept for at least five years. By providing AML training to their staff and agents, firms can help to protect themselves from being used to launder money. AML training can also help to deter staff and agents from engaging in suspicious activity. What should you do to ensure your staff are properly trained?

Design a training plan. This will help you to ensure that the right staff receives the right training. The plan should include the topics that will be covered, the duration of the training, and the methods that will be used.
Keep a signed log of staff training. This will help you to track who has been trained and when. It is also a good idea to ask staff to sign and date the log to emphasize the importance of following their training.
Regularly review and update your training plan. This will help to ensure that the training is still relevant and up-to-date.

AML Policies & Procedures

Risk Assessment

KYC Check

AML Check

SAR Reporting

Training

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