AML Compliance Effectiveness & Sanction Assessment Review

Companies subject to AML legislation are typically required to conduct a Compliance Effectiveness Review at least once every two years. In some circumstances, it may be necessary to complete them annually as part of effective remediation for significant non-compliance or if such is expected by your financial services providers or board of directors.

We offer our ongoing review services, providing intelligent data analysis of possible control weaknesses throughout a specified period. All our reviews aim to help you improve your compliance program, gradually making it more reliable and effective via data and experience gained from similar operations with companies from various financial fields and involvement in regulatory examinations.

Review of existing AML Policies and Procedures

In some situations, you might not be sure about the effectiveness of your program design. It may be because it has been a while since the last external review and the standards have changed, or if you have decided to modify the program, you use in a different country. In those cases, you might want to start with our gap assessment services. With detailed understanding of your business, we are capable of isolating the applicable obligations and expectations coming with our business model and areas of operation. We perform the following procedures: analyze inherent risks from your risk assessment against authoritative sources to identify gaps; review your program documents for discrepancies with standards and ensure internal consistency in your program documents. This produces a comprehensive report detailing our methodology and findings, along with a recommended roadmap for addressing identified gaps and enhancing overall performance.

Policy interpretations/ Legal researches

We provide services in resolving complicated AML and sanctions situations, helping you with documented research via expert guidance, past policy interpretations, our accumulated data and experience and with direct strawman policy interpretation requests to applicable authorities. Our considerable resources will be there to make sure you are armed with documentation.

Sanctions/PEPs/Adverse media testing

Regular updates to your sanctions and watchlist programs are crucial for effectively identifying transactions involving high-risk individuals, entities, geographies, and goods. We offer this service, helping you assess your program's effectiveness in managing your entity's risks and obligations across all relevant jurisdictions.

Review and analysis of KYC/KYB procedures implementation

Our AML compliance recommendations will help you avoid any setbacks coming with possible changes in laws and regulations, and improve effectiveness and efficiency of managing your reporting obligations.

Risk Matrix Review

Reviewing the given firm’s risk matrix is crucial for its risk management and therefore a key factor in building longevity and long-term success. The risk matrix analysis is an invaluable instrument, and understanding its outputs can provide insight into how to combat the now-foreseen risks.

Reporting support to FINTRAC

Regulated financial entities, such as banks and insurance companies, are obligated under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) to report specific transactions to FINTRAC. These regulations change, putting additional burden on compliance teams. The latter is why we provide our AML compliance recommendations, which will help stay informed about even some of the more unexpected changes, managing your reporting obligations more effectively and efficiently.

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