An AML/CTF Advisory Service enables a “reporting entity” to readily demonstrate that it is taking all efforts to comply with its legislative obligations and not facilitating money laundering or terrorism financing through the provision of its "designated services".
They can offer assistance on how to respond to regulatory action and assist in preparation for a regulatory inspection or audit to ensure standards are met in the areas of; customer records in relation to know your customer (KYC) requirements; support including risk assessment, gap analysis of an organisation’s status in relation to its AML/CTF; customised training sessions and workshops to suit the needs of clients.
In particular there has been emphasis placed on the program provisions for: know your customer (KYC) obligations, ongoing Customer Due Diligence, enhanced Customer Due Diligence and Employee Due Diligence.
Know Your Customer (“KYC”) procedures: As prescribed within the Act an AML/CTF Program requires a Reporting Entity to establish suitable Customer Identification and Verification procedures (also known as your “Know your Customer” or “KYC” procedures) that meet the minimum standards prescribed in the AML/CTF Rules.
Risk Based Assessment: As prescribed within Act, a AML/CTF Program (i.e. the assessment of money laundering and terrorism financing exposure) must be risk based. An AML/CTF advisory service can provide you with the tools to assess and measure risk factors based on: your customers, the types of designated services you provide and the methods by which you deliver your designated services.
View full AML/CTF rules here.
Learn more about Barringtons AML/CTF Program here.
Blayne Webb, Director, Barringtons