Anti - Money Laundering

Money laundering and terrorist financing are crimes that threaten the security, stability and integrity of the global economic and financial system, and society as a whole. The Anti-Money Laundering Law has been enacted to combat money laundering, terrorist financing and other related threats to the nation. We value our customer and provide the following services:

Assistance in setting up in-house AML

Documentation of AML/CFT Policy, Controls, & Procedures

Assisting in AML KYC Due Diligence

Training on Risk Profiling/AML Risk Training

Anti-Money Laundering (AML) refers to a set of regulations, policies, and procedures designed to prevent the illegal acquisition of money through various criminal activities and to ensure that financial institutions and businesses have mechanisms in place to detect and report suspicious transactions. Money laundering involves the process of making illegally obtained funds appear legitimate by passing them through a complex sequence of financial transaction

Goals of AML efforts are to:

Detect Suspicious Activities: Financial institutions and businesses are required to monitor customer transactions and activities for any unusual patterns that might indicate money laundering or other criminal activities.

Prevent Money Laundering: By implementing effective procedures, organizations aim to prevent their services from being exploited for illegal financial activities.

Report Suspicious Transactions: If a transaction raises suspicions, financial institutions are obligated to report these to the appropriate regulatory authorities.

Comply with Regulations: AML regulations are typically enforced by government agencies to ensure that financial institutions and businesses follow established standards to prevent money laundering and terrorist financing.

Customer Due Diligence (CDD): Organizations are required to verify the identity of their customers, assess the potential risks associated with their transactions, and gather sufficient information to understand the nature of the business relationship.

Know Your Customer (KYC): This process involves collecting and verifying customer information to ensure that financial institutions have a clear understanding of their customers’ identities and activities.

Transaction Monitoring: Financial institutions use various technological tools and systems to monitor transactions in real-time, looking for unusual or suspicious patterns of activity.

Record Keeping: Organizations are required to maintain records of customer transactions and due diligence processes for a specified period, facilitating audits and investigations.

Employee Training: Training employees to recognize and report suspicious activities is essential for effective AML compliance within an organization.

AML regulations are enacted and enforced by governmental bodies, regulatory agencies, and international organizations. Compliance with these regulations is crucial for financial institutions, such as banks, credit unions, and money service businesses, as well as non-financial businesses like casinos, real estate companies, and more.

Failing to comply with AML regulations can result in severe consequences, including fines, legal actions, reputational damage, and even the revocation of licenses to operate. As financial crime and money laundering tactics evolve, AML regulations are continually updated to address emerging threats and challenges in the global financial system.

Contact us to get professional solutions to ensure you comply with rules and regulations as well as equip your team.