AML/CTF, KYC and sanctions
risks management for your business
Under the jurisdictions of the European Union, the United States of America and other developed countries, AML (anti money laundering) and sanctions risks management regulations require companies to develop and implement an AML and sanctions risks management program – internal control system (ICS), that is tailored to their own business needs and is capable of managing the specific risks that their customers or sectors present. Following the good practices of international business, companies are required to implement the “Know your customer” (KYC) principle in their operations.
The AML/CTF and sanctions risks management requirements applies to, but not limited to:
- providers of accounting, auditing and legal services;
- credit institutions;
- providers of financial services;
- real estate agents and brokers;
- service providers for the establishment and operation of a legal entity or a legal person;
- lottery and gambling operators;
- retailers and providers of other services;
- debt recovery service providers.
ICS should facilitate the practical screening and monitoring processes required by the AML and sanctions risks management legislation under which it operates. .
Legal office “REM Legal” will help you to stay compliant with regulations, manage and mitigate risks by delivering precise risk perspective and developing an ICS that enables your business to focus resources on relevant risks and prioritize key sanctions and global AML and sanctions risks management requirements. We offer the following services:
- Development of a comprehensive ICS which includes a set of rules, policies, and procedures a company implements to provide direction, increase efficiency and strengthen adherence to AML and sanctions risks management policies;
- Development of risk assessments (NILLTF customer numerical risk assessment system, risk assessment of sanctions, sanction risk assessment table, etc.). The NILLTF risk assessment is performed to adequately and effectively reflect the overall risk inherent in each client. Sanction risk refers to the impact and likelihood that company may be used to violate or circumvent international or national sanctions regimes;
- Development of clients’ status determination procedures (client risk assessment, KYC questionnaires, MiFID questionnaires, etc.). The KYC process should ensure that clients are being truthful about who they are and the business in which they are involved. Verifying a clients` identity is achieved by assessing the clients’ personal information, the nature of the clients` business and establishing the beneficial ownership. KYC allows companies to take a risk-based approach to AML so they know who their clients are, and what level of money laundering risk they present.
- Development of internal procedures for managing the risk of AML and sanctions;
- Consultations on AML, sanction risk management and requirements of financial institutions;
- Audit of existing AML and sanctions risk management documents.
ICS, AML and sanctions risks management documents are developed in compliance with the requirements of international regulatory enactments, including, but not limited to, Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU.
Legal office “REM Legal” has extensive experience in this matters and we would be glad to provide you with high quality legal services and assist with the development of the ICS system and other necessary documents. We would deliver precise risk perspective that enables your business to focus resources on relevant risks and prioritize key AML, sanctions risks management and global Financial Crime Compliance requirements.
Fortify compliance with AML and sanctions risks management regulations and focus on your core business!
