AML Compliance
The Firm offers comprehensive services/advice pertaining to Anti Money Laundering (AML) compliance and representatiton, particularly in relation to SME’s
Risk Assessment
Conducting an initial risk assessment which will help identify potential money laundering risks associated with the SME. This risk assessment would be carried out periodically and reviewed regularly.
AML Policies and Procedures
Developing and implementing AML policies and procedures that reflect the SME’s risks identified in the risk assessment. Note: SMEs should ensure that their AML policies and procedures are up to date and in line with the latest regulatory requirements.
Training and Awareness
Providing AML training to add members of the board and all staff – typically tailored to their roles and responsibilities. The training would cover AML risks faced by the SME, how to identify suspicious activity/transactions, how to report suspicious activity/transactions, and the penalties associated with non-compliance.
Due Diligence and KYC
Advising on the administration and execution of Customer Due Diligence (CDD), Ongoing Due Diligence (ODD), Enhanced Due Diligence (EDD), along with assessments of Know Your Customer (KYC) processes for purposes of verifying the identity of customers and ensuring compliance with AML regulations.
Transaction Monitoring (STR analysis/advice)
The Firm advises and provides analysis on the monitoring and filing of Suspicious Transaction Reports (STR). SMEs must monitor transactions to detect unusual or suspicious activity. This monitoring should be carried out using automated systems, and should be reviewed by trained personnel.
Record-Keeping (administration/analysis/advice)
SMEs ought to maintain accurate and up-to-date records of customer identification, transactions, and AML compliance activities. These records should be retained for a specified period, as required by regulations. The Firm advises on matters regarding implementation and administration of rrecord keeping systems/methodologies.
Development and Implementation of Compliance Programs
Advising, developing and implementing an AML compliance program tailored to the specific needs of the SME, including policies, procedures, and conducting training programs thereto.
Audit and Assessment
Conducting internal audits and assessments to evaluate the effectiveness of the SME’s AML compliance program and identify areas for improvement.
Representation
Providing legal representation in the event of AML-related legal disputes or non-compliance charges/acts.
We provide both anticipatory and preventive advice, as well as having strategic alliances with partners who offer commercially oriented advisory services for purposes of achieving a holistic/comprehensive compliance solution. We take great pride in serving as a bedrock for SMEs to maintain/develop a compliance culture internally, mitigate AML-related risks, and avoid potential penalties and reputational damage resulting from non-compliance.