Anti-Money Laundering (AML) and Counter Terrorist Finance (CTF) matters can be onerous since the most strict regulations are in the AML/CFT area. Given the significant penalties for non-compliance, including imprisonment and unlimited fines, as well as the significant adverse publicity, it is in everyone's interest not only to comply but to demonstrate this to enforcement officers and the regulator.
Customer due diligence (CDD) and enhanced customer due diligence (ECDD) present particular problems in the current climate, with more and more individuals being placed on the sanctions list. Consequently, it is essential that a firm's procedures are kept under review.
Firms that fail to comply with their AML/CFT obligations must take significant remedial action, including comprehensive file reviews and appropriate training.
AlphaUMi provides ongoing advisory services on demand. With our monthly AML/CTF advisory subscription you can access a dedicated AML/CTF specialist who will help you navigate the regulatory requirements and provide you with an appropriate action plan for implementing your AML/CTF Program. Our plans include up to 8 hours of compliance work per month, and if needed, you can upgrade to more dedicated time. Our advisors can help you with identity verification protocols, enhanced customer due diligence, guidance on record-keeping and reporting. This way, you can focus on your core business, with a peace of mind that your AML/CTF compliance is in good hands.
We have subject matter experts and practitioners who can advise on a range of AML/CFT issues, from routine problems to complex matters requiring more in-depth tasks, including conducting AML/CFT remediation reviews.
Our AML/CFT procedures capture the information needed to demonstrate compliance and give your team viable tools for future use.
Our AML/CFT Support Services:
- Conducting reviews of your AML/CFT policies and procedures and their effectiveness.
- Conducting comprehensive reviews of client files.
- Providing expert opinions on the effectiveness of the AML/CFT systems in place.
- Preparing up-to-date, practical procedures for client intake.
- Advising on AML/CFT issues specific to your firm and regulatory environment.
- Training your team on your AML/CFT procedures and the AML/CFT rules and regulations applicable to your firm.
- Managing AML/CFT remediation projects, including conducting file reviews.
- Providing outsourcing compliance AML/CFT Officer Services.