Anti Money Laundering Independent Review Service

At AML Fundamentals we specialize in providing comprehensive Anti-Money Laundering and Counter Terrorism Financing (AML/CFT) services to organizations operating within the financial services sector. Our foremost objective is to leverage our extensive expertise to aid companies in ensuring their compliance with the AML/CFT regulatory framework applicable to their operations, while leveraging international best practices in the field.

We center our efforts on the fundamental Pillars of an effective AML/CFT program to guarantee the efficacy of our clients’ compliance efforts. These are:

Appointment of a Nominated Officer/Money Laundering Reporting Officer

Considerations

  • Is appointee suitably qualified?
  • Appointee approved by the Board of Directors?
  • Appointee exposed to ongoing training?

Policies and Procedures

Considerations

  • Are policies risked-based in nature, and informed by a money laundering risk assessment of the business?
  • Do they cover relevant aspects of an effective compliance program:
    • Know Your Customer (KYC) due diligence.
    • Enhanced due diligence for high risked customers/business.
    • Know Your Employee (KYE) provisions.
    • Training
    • Transaction Monitoring and reporting
    • Sanctions Compliance
  • Record Retention 

Training

Considerations

  • Examine training content and training registers to assess ongoing training of staff and Board of Directors and opine on adequacy of training content.

Transaction Monitoring and Reporting

Considerations:

  • Review systems in place to monitor transaction activity.
  • Assess sanction screening capability.
  • Review processes applicable to suspicious activity reporting.
  • Review logs connected with regulatory reporting to assess compliance with meeting regulatory obligations.

Independent Testing

Considerations:

  • Review prior independent reviews conducted by Internal Audit or other external party, with a view to review prior recommendations, if they were accepted and implemented

These overviews outline the different areas for investigation in line with the core principles of a robust compliance program.

It is not meant to be comprehensive with regards to the ultimate findings of your forthcoming independent review report from AML Fundamentals.

We are fully prepared to support you in guaranteeing that your stakeholders receive a truthful and dependable evaluation of your adherence to anti-money laundering regulations within your specific industry. Contact us today.

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