Development of anti-money laundering (AML) frameworks

TagsRisk consulting

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

Independent assessment of AML frameworks

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.

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.

Alan Craig Advisory Partner - Birkirkara

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Alicia Vella Advisory Director - Birkirkara

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