A robust AML framework is an essential element that subject persons must implement to protect their operations from being used by criminals.
Subject persons must develop, adopt and maintain an AML framework that sets out the ways the individual/entity complies with regulatory obligations as well as identify, mitigate and manage money laundering and terrorism financing risks in an efficient and effective way.
We can assist you with the design and implementation of an AML framework by providing the following services:
- Assistance in defining the subject person’s ML/FT risk appetite
- Assisting in the preparation and/or updating of the business risk assessment
- Drawing up policies in line with regulatory requirements and addressing ML risk faced by the subject person
- Assistance is formulating procedures covering customer due diligence, ongoing monitoring, reporting, and outsourcing
- Formulating a customer risk assessment framework including risk scoring methodology