When regulators identify shortcomings in the AML framework, coming up with a well-defined remediation plan, identifying resources to oversee and implement the plan, coupled with thoughtful interaction with the regulator will speed up the process to return to “business as usual” whilst safeguarding the subject person’s reputation. We can assist in navigating through remediation challenges with the support of experienced professionals.
Carrying out an independent assessment of your AML framework, other than satisfying legal obligations, will also provide you with peace of mind that it is adequately designed and effectively implemented to sufficiently mitigate risks faced by the entity.
A robust AML framework is an essential element that subject persons must implement to protect their operations from being used by criminals.
The Business Risk Assessment (BRA) allows the subject person to ensure that the current business model is in line with its risk appetite. In order to be effective, it must be drawn up using reliable quantitative and qualitative data and be regularly revised.
Operations are at the forefront in the mitigation of money laundering and financing of terrorism risk.
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