AML: Anti-money laundering
Insider trading, collusion, terrorist financing and money laundering, among other things, means that compliance and anti-money laundering (AML) carry considerable risk.
Supervisory authorities and regulators are responsible for monitoring compliance to AML obligations of members under their supervision. In cases of non-compliance they may apply disciplinary measures to 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)
Recognising and reporting suspicions of 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 and regulators
As a result, and in order to prevent potential money laundering issues, organisations turn to FAI Comply for specialised consulting to ensure that compliance is at the core of their business.
At FAI Comply 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 gaining a deep understanding of our client’s needs and goals. From investment firms, payment services providers, straight-through processing models and complex market makers, to portfolio management and investment advice, we are able to put in place and oversee all the necessary requirements of the regulator.