Anti-Money Laundering Consulting Services
AJMS Global’s Anti-money laundering legal framework is increasingly becoming principles based, rather than prescriptive. Principles based legislation provides broad obligations that must be met, but leaves the methods of meeting those obligations up to the individual.
Our Compliance Analyst performs the following tasks day-to-day:
- Sanction screening of customer and beneficial owners;
- Preparing enhance due diligence for high-risk customers;
- Advise RMs/Sales Manager for customer due diligence following a risk based approach;
- Implement adequate policies and procedures in order to detect transactions relating to any crime;
- On-going monitoring (not less than annually and more regularly if the circumstances justify an interim review) of what may, in his or her opinion, constitute high-risk customer accounts, suspicious customers/transactions;
- Review, scrutinize and study records, receive data concerning Suspicious Transactions (including iSTRs and STRs), and facilitate decision making to the Chief Compliance Officer to either notify the FIU or maintain the transaction (and document the reasons for maintaining the transaction) while maintaining complete confidentiality;
- Prepare, deliver, and document ongoing training and development programs and plans for the Company’s employees on Money Laundering and the Financing of Terrorism and Financing of Illegal Organisations, and the means to combat them;
- Propose to the Compliance Committee continuous improvements to AML & CFT policies and procedures and ensure effective implementation thereof;
- Conduct regular gap analysis on new notices/regulations/best practices issued by regulatory bodies vis-à-vis this Policy and submit a report to the Compliance Committee summarizing findings and recommendations; and
- Ensuring day-to-day compliance with the Company’s internal AML & CFT policies and procedures.
Our Compliance Analyst performs the following tasks semi-annually/annually
- Perform a review of the internal rules and procedures relating to AML & CFT and their consistency with the Decree-Law, the Implementing Regulations and any other applicable laws, assess and evaluate the Company’s commitment to the application of these rules and procedures, propose what is needed to update and develop these rules and procedures, prepare and submit semi-annual reports on these points to the Compliance Committee (and for the Compliance Committee to approve such rules and procedures).
- Perform an annual risk assessment of the business to identify new ML & FT risks and evaluate efficacy of existing mitigating controls.
- Liaise with internal auditor/external auditor to perform independent testing of AML & CFT Compliance Function.