Anti Money Laundering (AML)
Anti Money Laundering (AML)
Insider trading, collusion, terrorist financing and money laundering, among other things means that compliance and anti-money laundering (AML) carry considerable risk.
Supervisory Authorities / Regulators are responsible for monitoring compliance to AML obligations of members under their supervision and in case of non-compliance may disciplinary measures regarding persons falling under its supervision such as the imposition of administrative fines and amending, suspending or revoking their members’ operating license.
As part of this, firms are required to establish and maintain policies, procedures and control systems to prevent money laundering and to ensure the reporting of any cases that may be known or suspected. Appropriate procedures should be implemented for:
- Know your Client (KYC)
- Record - Keeping
- Recognising and Reporting Suspicions on Money Laundering.
- The education and training of all employees.
- Verification on a regular basis of compliance with policies, procedures and control systems relating to anti-money laundering activities through reports submitted to the relevant authorities / regulators.
As a result, and in order to prevent potential Money Laundering issues, organizations turn to International Trade Insurance for specialized consulting to ensure that compliance is at the core of their business.
At International Trade Insurance, we tailor each package to suit our clients’ needs, from providing training, support and guidance to overseeing each and every function and being fully outsourced. This is done through our consulting process which involves a deep understanding of our client’s needs and goals; whether an Investment Firm, Payment Services provider, Straight Through Processing model, a more complex Market Maker, to Portfolio Management and Investment Advice, we are able to put in place and oversee all the necessary requirements of the regulator.