AML Effectiveness Review
Traditionally, compliance reviews were mainly skewed to the design of policies and procedures against regulatory requirements. However, when put to the test, how effective are control frameworks in managing real ML/FT risk?
Development of anti-money laundering (AML) frameworks
A robust AML framework is an essential element that subject persons must implement to protect their operations from being used by criminals.
Subject persons must develop, adopt and maintain an AML framework that sets out the ways the individual/entity complies with regulatory obligations as well as identify, mitigate and manage money laundering and terrorism financing risks in an efficient and effective way.
We can assist you with the design and implementation of an AML framework by providing the following services:
- Assistance in defining the subject person’s ML/FT risk appetite
- Assisting in the preparation and/or updating of the business risk assessment
- Drawing up policies in line with regulatory requirements and addressing ML risk faced by the subject person
- Assistance is formulating procedures covering customer due diligence, ongoing monitoring, reporting, and outsourcing
- Formulating a customer risk assessment framework including risk scoring methodology
AML Remediation plans
Regulatory scrutiny is part of the game.
Business risk assessment (BRA)
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.
Want to know more?
Alan Craig Advisory Partner - Birkirkara
Alicia Vella Advisory Director - Birkirkara
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