Building an effective AML/CFT  compliance team within an  institution requires a well-defined governance structure, clear roles and responsibilities.

 

The consequences of not having a framework in place:

•Fines, sanctions, cancellation of licenses and Reputational damage

Compliance gap analysis, assessments and reporting: performed to determine a business’s initial state or level of compliance with privacy and data protection laws​​

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Implementation guidance and planning: legal advice and assistance regarding planning and prioritising compliance and implementation measures.

Develop policies and procedures  to ensure that the institution meets regulatory requirements

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Develop compliance risk management plans (CRMPs)  and suggest controls to reduce risks and endure that gaps are identified and remediated

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Provide training to the AML/ CTF team and general staff. Design internal training material as well as access to internationally accredited providers 

Compliance documents and legal agreements: Compliance and privacy related agreements, documents and policies.

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Develop training material and going awareness communications : both for project and management teams starting out their compliance journey and general training and awareness initiatives for employees throughout the business

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