ANTI MONEY LAUNDERING (AML) SERVICES

It’s no secret: Financial crimes are posing major challenges for financial institutions and other listed businesses. Every twenty-four hours, new ways of laundering money are devised by criminal elements. Suspicious money laundering activities both in number and dollar value are on the rise.

Is your compliance function robust enough to protect the organisation from financial crimes and terrorist activities?

New Regulations and legislation are being imposed on affected institutions – but is this enough?

NEM Leadership Consultants will assist your organisation to develop counter measures to prevent money laundering and terrorist financing. approach will ensure that technical deployment is synchronised with corporate objectives and goals.

Our subject areas intervention for the product –
Anti Money Laundering Services:

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Compliance Programme Development

The effectiveness in any compliance function is conditional on the adequacy of its risk based Compliance Programme (Policy Document). Without a bespoke Compliance Programme, the entity’s ability to minimise money laundering and combat terrorist financing will be hampered through deficiencies in systems, policies, procedures and processes.

The compliance programme should ideally be developed after the completion of the risk assessment.

NEM Leadership Consultants can assist with overhauling and / or scripting your Compliance Programme

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AML Policies and Procedures

Through amendments in legislation and regulations, new product and service development, new locations and method of delivery and customer /membership type, there might be a need to amend an organisation policies and procedures in order to strengthen compliance controls.

• AML/CFT Training :
• Annual
• Technical
• On-line

In all jurisdictions, it is a statutory requirement to train all employees, management, directors and persons directly associated with the organisation and who have access to or is in proximity to the organisation’s confidential information. All these stakeholders must be trained about their compliance responsibilities/obligations and implications thereto. NEMLC can assist originations in all aspect of compliance training and awareness from annual training to technical AML training.

NEMLC has recently launched its Online AML Training Programme. At users’ convenience, participants can access the training modules anywhere and anyplace and anytime. Through the online AML Training programme, organisations can save on the cost of AML training. This online training programme has four levels.

• AML Compliance Audit :
• Internal Compliance Audit
• External Compliance Audit

The compliance function must be independently assessed.
This can be done through an Internal Audit to ensure that policies, procedures and systems are in compliance with the requirements of regulations, inclusive of transactions testing in line with risk profile of the customer.
The External Auditor will evaluate compliance with relevant legislation and guidelines.

Failure to meet anti money laundering obligations to conduct AML Compliance audits can result in large fines and penalties impose on the financial institution and listed business.

To conduct an AML Compliance Audit, the Auditor must be the valid holder of a Practicing Certificate issued by the Institute of Chartered Accountants of Trinidad and Tobago.

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Risk Based Framework

According to a FTAF Mutual Evaluation Report, some financial institutions and listed businesses do not have a full appreciation of the ML/TF risks. For example, Money Remitters, banks, insurance companies, PMCs, real estate agents, attorneys and credit unions do not consistently apply AML/CFT measures which are commensurate with the risks inherent in their respective products and services.

FATF recommendation #1, mandates institutions to adopt a risk based framework towards its AML compliance obligations. Adoption of a risk-based approach to monitor financial activities, which include categories of activities that are considered to be of a high risk;

Before commencing the risk assessment, it is critical that a framework be established to meet the unique needs of the entity.

NEMLC has done numerous Risk Based Framework assignments, inclusive of training on the Framework so that entities can conduct their risk assessment.

NEMLC will be delighted to document your Risk based Framework (methodology) and to train your technical staff on the use of the system.

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AML Risk Based Assessment

Arising out of the development a Risk Based Framework, financial institutions or listed businesses shall take appropriate steps to identify, assess and understand their money laundering risks for customers, countries or geographic areas, products and services, and transactions or delivery channels, and what measures are to be taken to manage and mitigate such risks.

NEM Leadership Consultants look forward in assisting organisations in conducting their risk assessment.

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Gap Analysis

Whereas an organisation may have all the necessary systems and controls in place to detect, identify, analyse and report suspicious activities to the relevant authorities, it may still be necessary to conduct an independent gap analysis to ensure that a full risk based approach is implemented to prevent money laundering, and where necessary, to avoid the payment of large fines and penalties, and even imprisonment of directors, officers and managers.
NEMLS stands ready to perform your AML gap analysis.

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AML Support Services

Through its years of experience in the provision of AML services, NEMLC can provide ongoing technical support to an entity on related compliance matters. This may be necessary when the organisation does not possess the capacity or the required skills and expertise on compliance issues. Tell us about your AML support needs and we will advise you accordingly.

Our subject areas intervention for the product -
Anti money Laundering Services:

More subject area info is available when you click the blue list below.

• Compliance Programme
• AML Policies and Procedures
• AML/CFT Training : Annual > Technical > On-line
• AML Compliance Audit : Internal Audit External
• Audit Risk Based Framework
• Gap Analysis
• AML Support Services