AML - or Anti Money Laundering, is regulated at the national level by the AML law of each country (the name varies from country to country) and applies to specific types of economic activities determined in the AML laws, unfortunately, not all businesses are aware of the existence of these norms, and are not aware of the requirements imposed on them, which may result in significant penalties, or in the worst case, the company may be wound up and the members of the board/directors may be banned from holding the post of board member/director entirely.
In addition to the AML laws, the countries of the European Union have implemented the laws of the International and national sanctions at the national level, with some nuances these laws and their penalties are similar. Sanctions risk management procedures must be documented for the same entities to which the AML rules apply.
It is possible to integrate the requirements of the Sanctions into AML procedures so that there is no need to perform a separate process, thus saving time in carrying out the necessary inspections on a daily basis.
- to perform an analysis of the client's form, structure and activity in order to determine whether the client must apply the requirements specified in the AML and Sanctions Law in its business activities;
- develop AML and Sanctions risk assessments;
- develop AML and Sanctions risk management procedures in accordance with the specifics of the client's structure and activities (procedures include annexes so that activities can be documented and thus demonstrate to public authorities that legal requirements are met);
- to provide the client with consultations on the practical application of the procedures;
- perform an assessment of the client's existing AML and Sanctions risk management systems and provide a conclusion on its compliance with legal requirements, as well as indicate deficiencies in the systems and provide recommendations to eliminate these deficiencies - in accordance with regulatory enactments, procedures must be evaluated at least once every 2 years;
- perform renewal of the client's existing AML and Sanctions risk management systems;
- on the basis of a subscription, inform the customer about changes in AML and Sanctions regulations and requirements, so that the customer can make the necessary changes in a timely manner, thus preventing the possibility of receiving a penalty;
- on the basis of the subscription, inform the customer about the deadlines for the renewal of internal procedures;
- perform risk assessment of the client's clients and cooperation partners AML and Sanctions upon the client's request;
- to check the client's own assessments of clients and partners against compliance with legal requirements and client procedures.
More detailed information can be obtained by registering for a consultation by e-mail: email@example.com or by phone: +371 67373020, 371 67373021.