We at KAW can provide a wide range of services in the Anti-Money Laundering field. We can ensure that your company is on top of the ever-changing laws and regulations in regards to your AML program and also ensure that the necessary systems and processes are in place.
Compliance Consultation:
KAW renders compliance advisory services to all parties requiring assistance in any aspect of the compliance function. In an ever-increasing complicated regulatory environment, compliance has become essential either due to regulatory requirements or as a requirement of global best practice and corporate governance. Laws are constantly being updated, regulations are always changing and more and more businesses are now falling under the “compliance umbrella”. Many companies are very unsure as to what is required of them and how to move forward. We can provide you with the necessary guidance.
Compliance Officer Services:
In today’s dynamic world of business, many companies both small and large, outsource various functions in their organization. Outsourcing frees up existing personnel so that they are able to carry out other functions, it provides access to skilled expertise and it also reduces payroll and other overhead costs. Our outsourced compliance officer services can be designed depending on the needs of your company. We can carry out all the daily internal compliance functions that are required, such as file reviews, maintaining records, monitoring of transactions and employees, producing reports and filing of Suspicious Activity Reports (SARs), to name a few. Our skilled staff can assist wherever necessary and manage this function for you.
Assisting in the Creation of Compliance Departments for Companies:
Now more than ever, the compliance function has become an extremely important part of financial and non financial institutions. The cost of complying far outweighs the costs associated with non compliance. A competent compliance department is of utmost importance in maintaining a firm’s integrity and reputation.
A compliance department that functions effectively and efficiently must be properly structured. Some of the necessary elements of the department include the right staffing (one must hire competent individuals), monitoring systems must be in place, there needs to be effective communication lines, the department must have systems which enable the creation and retention of records, senior compliance staff must conduct effective training and the department must enforce standards through well-publicized disciplinary guidelines. KAW can assist with this. We can ensure that your compliance department serves the needs of your company.
AML/CFT Policy and Procedure Manuals:
The Anti-Money Laundering / Counter Financing of Terrorism policy and procedure manual is a critical pillar of an Anti-Money Laundering Program. This manual is a requirement by law in almost all jurisdictions and it also equips companies and their staff with very pertinent information. The manual provides written compliance standards, procedures and practices which guide the company and its employees on a day-to-day basis. The manual includes areas such as a code of conduct detailing fundamental principles, Customer Due Diligence (CDD), risk assessment, values and framework for action within the company, general corporate policies and procedures and information on various laws and regulations. This manual must tie in with the company’s operations and must be built from a risk based approach.
KAW can assist businesses with the designing, drafting, amending and/or implementation of their AML/CFT policy and procedure manuals.
Independent AML/CFT Audit of the Compliance Program:
Putting an AML/CFT program in motion is not enough for a successful program. After a compliance program has been designed and implemented to meet a company’s business needs, independent audits are excellent mechanisms for reviewing the effectiveness of this program. In fact, in most jurisdictions an AML/CFT audit of the compliance program is mandatory for financial institutions. It is a critical pillar of an AML/CFT program.
The audit will provide you with an independent assessment of your AML/CFT compliance program. It is an opportunity for you to obtain another view of how well your AML/CFT program is designed and working. Our audits are able to identify deficiencies, if there are any. In addition, we also look for new risk factors and find ways to help you mitigate them. We also identify areas where there are loopholes, which may require further training for employees of the company. Laws and regulations are constantly changing and being updated. The regulatory environment is very dynamic, thus, an AML/CFT program must be continuously monitored and evaluated so as to remain functionally beneficial to the company.
AML Training:
Anti-Money Laundering is ever-changing and evolving. The parameters in this dynamic field are always shifting. New software, changes to the legal and regulatory framework, new money laundering and terrorist financing techniques and changes to businesses on a whole can be extremely difficult to keep up with. We at KAW can assist with this. As the AML experts, we can ensure that your Board of Directors, officers and all employees are kept abreast and current of the happenings in AML. Whether it be just general AML training or specialized areas in this field, we can work with your company to make it happen.
Company/Individual Screening and Reporting:
In today’s dynamic business world, companies have to be well informed in regards to their clients, officers, associates and affiliates. Failure to gather pertinent information can lead not only to serious reputational risks but also to fines and in some cases imprisonment. Businesses must ensure that the necessary information is gathered before entering into relationships and/or agreements. KAW can help with this process. We can provide all types of searches on companies and individuals. We can provide your business with basic searches right up to Enhanced Due Diligence (EDD) searches anywhere in the world. We work with experienced AML/CFT expert firms and individuals.