Anti Money Laundering Consultany Services
Implementing a robust Anti Money Laundering program all across your business is important. The regulations against money laundering and terrorist funding have been made strict by the government bodies. With the ever-increasing AML compliance requirements, it has become complicated to remain compliant. Therefore, the requirement of the AML consulting service comes. N R Doshi and Partners is one of the most experienced and trustworthy firms which strives to make companies AML compliant not only for the sake of compliance but also as a social duty.
It is difficult for businesses to keep up with the changing AML regulatory requirements. Further, a minor failure on your part can result in a penalty, loss of reputation, and even legal consequences. So, there is no good reason not to take advice and support of anti money laundering consulting firms. We have branches placed in all emirates looking forward to fulfilling your AML requirement.
What are the primary Anti Money Laundering Challenges?
Anti Money Laundering regulations don’t permit you to have a losing hand. Prevention of money laundering is a matter of national interest. It is not just necessary to save people for fraud, but it acts as a preventive measure to counter-terrorist funding. Therefore, our AML consulting firm ensures efficiency to have a look at each and every aspect of the business to make it flawless.
The challenges a company would face during money laundering checks are mentioned below:
- It is difficult to view all the risks which are associated with money laundering.
- The correct interpretation of the anti money laundering act and regulations is not a straightforward deal.
- When there is a rapid increase in customer numbers, putting a check on every customer becomes tough.
- When a company wishes to conduct AML compliance itself or approaches an incompetent AML consulting firm, there are chances that poor KYC (know your customer) standards are followed. These standards have loopholes that allow customers to hide their true identity. Identity theft may also occur when proper standards are not followed.
- When your company has its subsidiaries in more than one nation, it becomes tough to have a harmonious procedure for AML compliance. It is because of the changes in regulations as per the nation.
- The customers don’t have simplified funds and income sources. However, for complete surety, one needs to track down all the finances without compromising. Generally, companies and firms overlook this requirement because it is time-consuming.
- If the data capturing and verification process is not up to the mark, it may never discover the real identity and finances of the person with whom you are dealing.
Anti Money Laundering: All the necessary services
1. Consultation for AML Compliance
The regulatory environment for AML compliance is getting complicated day by day. Therefore, it is necessary to conduct AML compliance carefully more than ever. It is only possible when you have an expert along with you who can make sure your business aspects are AML compliant. When you approach a company for AML compliance consultation, you need to be sure that the company executives remain updated with the ever-changing regulations of the AML Act. Our firm keeps a regular check on the changes made in the AML Law to give world-class service to our clients.
Our AML Consultants provide all the necessary information about the law and how best you can implement it in your company and remain anti money laundering regulations compliant.
2. Set up of in-house AML Compliance Department
For financial as well as non-financial institutions, having a compliance department in the company itself can be helpful when laws keep on changing. With an in-house AML compliance department, you can avoid repetitive charges which you require to pay for the consultation.
However, sometimes the cost of maintaining the compliance team is higher than taking external aid. We would surely come up with the advice beneficial for your company, whether setting the AML compliance department is cost-effective or not.
Most of the companies go for an in-house anti money laundering department when the customer base is huge, and there is a high risk of money laundering. For starting a department, you must select the human resource carefully. Also, it is necessary to set up unhindered communication between the compliance team and management.
Taking consultation from our AML consulting firm in UAE is advised as we can identify the right candidates for you. In the starting stage, one can also take our help for getting necessary suggestions and keeping a check on the employees’ working efficiency, procedure development, training, implementation of best practices, continuous monitoring, and reporting.
3. Creation of an Efficient Personalized Manual for AML/CTF Checks
After the creation of a department, if the company wishes to have a predefined manual for AML/CTF checks, we can help you out. The manual depends upon the nature of your business, the number of clients with whom you deal every day, the size of the company, nature, and complexity of the business, regulatory framework applicable to you, and nature and quantum of transactions.
The personalized AML manual will standardize the AML procedure helping employees in their day-to-day activities. It becomes an essential tool for keeping your company compliant. Whenever there is an amendment, we will help you update the manual so that you always remain compliant with the AML laws.
Our elaborated manual should contain the process of how screening, KYC due diligence, risk profiling, and transaction check will take place.
4. Employee AML Training
The creation of the department is done. Even a manual is prepared, which will guide you through the complete Anti Money laundering check. Now comes the most important training part where our AML consultants provide training on the day-to-day functioning of the department and best practices.
Our trainers focus on providing specific training that matches with the knowledge requirement of the company and skills of the employees.
5. KYC Due Diligence Service
The aim of KYC (Know Your Customer) Due Diligence is to find out the risk associated with the financial transactions that occur when you deal with a buyer. It is a crucial step as it determines whether the customer is trustworthy or not, and what type of further investigation is necessary. Many companies fail to have a competent KYC leading to compliance issues and penalties. Our KYC due diligence service never compromises going through the customer details even if it makes the AML process tiresome.
6. AML Enhanced Due Diligence
For high-risk customers, KYC is not enough. You need to conduct an extensive background check on the customer, depending upon his risk profile before you make the deal. For that, our enhanced due diligence service is introduced.
When conducting enhanced due diligence, we take into consideration the place of business of the customer, nature of the business, the underlying purpose behind the transaction, method of payment, beneficial owners of the transaction, the local market reputation of the business, and so on.
7. Independent Audit Review, AML/CFT Compliance Audit
The AML/CFT legal framework is constantly changing and evolving. It necessitates a continuous check and assessment of the AML policies and procedures. An independent body (not involved in any AML routine compliances) must keep a tab on the AML policies and procedures and check their effectiveness in line with the AML rules and regulations. Further, even the AML laws specifically mention that designated institutions must get their AML compliance and framework periodically reviewed by an independent auditor.
Thus, an independent AML audit is the need of an hour that can regularly monitor the relevance of the AML compliance programs and the effectiveness of their adoption in the organization. In an AML audit, the company’s compliance policies and controls are reviewed, while in a traditional audit, books of accounts and the internal controls around business operations are verified.
8. AML Mystery Shopping
Whereas the AML compliance audit puts a check on the ongoing process, mystery shopping lets one know about how efficient and sincere are employees to their work when it comes to AML compliance. It is an N R Doshi and Partners exclusive service for keeping your AML strategy robust. In mystery shopping, our agent checks the screening and KYC process by acting as a customer. As a customer, he finds out whether there is any way to skip the screening, or the process is full proof. We also let you know whether the established procedures are followed in its true sense and what changes are required.
9. AML Software Consultancy
Looking for an AML Software and don’t know which one to buy?
There are multiple AML software programs in the market. Some of the programs are generic, and some are industry-specific. It is suitable to take advice from our AML consulting firm before going for an AML compliance application. As AML deals with sensitive data such as customer financial info, the application must have advanced security features and also fulfill the business requirements.
We have hands-on experience in various AML Software programs, and our consultants have helped many companies in deciding the right AML application considering the business requirements.
10. AML Customer Risk Assessment Service
We help businesses assess the risk associated with their customers. We do proper risk profiling of the customers based on various factors like the nature of business, frequency and amount of transactions, the profile of the customer, beneficial owners, legal status of the customer, customer reputation, method of payment, etc.
11. AML Compliance Agent Service
When you wish to outsource and need to have a full-time agent for your business, this service is suitable. It frees you from all the AML responsibilities and, at the same time, lets you have complete control over the AML procedure. It also reduces the overall cost of AML compliance.
Our AML Consultants will make sure you remain compliant with AML regulations and give you complete peace of mind as far as activities like KYC, Due Diligence, and reporting are concerned.
12. AML Transaction Monitoring and Alert Review
There are two ways of monitoring the transactions: manually or through transaction monitoring application, and we offer both. Transaction monitoring programs are more efficient as there is minimal chance of making an error. Besides, they can easily detect suspicious transactions.
13. AML Records Review and Evidence Analytics
We provide records review and evidence analysis service as per the requirement of our clients. Our consultants will take a complete inventory of your AML related documents and records and find out if they are maintained in compliance with the law.
N R Doshi and Partners: AML Consulting Service
N R Doshi and Partners is working in the field of AML Consultancy since the drafting stage of AML regulations. Therefore, we know about the Anti money laundering changes that took place in this long course of time.
We have undertaken AML compliance projects locally as well as internationally helping companies remain compliant.
You can reach us out, and discuss what’s best for you by not letting customers abuse your service for money laundering and terrorist funding.
Let’s make you AML Compliant
Tell us about your AML compliance issues. We will offer you the perfect solution.