Times of rigorous government regulations and global security challenges expose financial and non-financial institutions to deal with increasing pressures to minimize their exposure to money laundering, terrorist financing and other illegal activities.
It is important that you remain informed of frequent changes in the Bank Secrecy Act and Anti-Money Laundering legislation requirements in order to avoid potential reputation, operation, and legal risks associated with non-compliance.
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Independent evaluations should be conducted by qualified independent parties. While the frequency of evaluation is not specifically defined in any statute, a sound practice is to independently test commensurate with the Bank Secrecy Act, USA Patriot Act or your jurisdiction’s Anti-Money Laundering risk profile of the company.
The purpose of a risk assessment is to assess your company’s Anti Money-Laundering risk. By determining your risk, our team can evaluate the adequacy of existing processes, analyze what requires modification and updating and increase effectiveness. It is important for you to understand your risk exposure and develop the necessary policies, procedures, systems, and controls to mitigate the risk.
We advise all types and sizes of financial and non-financial institutions. We help customize programs, review existing programs, and guide you in any step necessary to create and comply with all Bank Secrecy Act, USA Patriot Act or your jurisdiction’s Anti-Money Laundering Laws, Regulations and good practices.
For decades, gold mining is used as a laundering method. To achieve an effective Anti-Money Laundering Program it is key to develop a risk mitigation process, identifying all risks involved in the operation, and then creating policies and procedures to mitigate the identified risks. The process has to be revised and modified frequently given the dynamic of the business and sector.
All companies must ensure that all relevant employees are trained in applicable aspects of the Bank Secrecy Act, USA Patriot Act or your jurisdiction’s AML Laws. Training should include regulatory requirements and your organization's internal Anti-Money Laundering policies, procedures, and processes. At a minimum, the training program must provide training for all employees (including officers, senior management and directors) whose duties require knowledge of Anti-Money-Laundering laws and obligations.
Real Estate Industry
The integration of illegal funds through the real estate industry is rising and becoming increasingly sophisticated. Examples include techniques used in the purchase stage, the misuse of real estate and more recently, using technology platforms to rent, buy or sell real estate.