Laws keep on changing, and setting up an AML Compliance Department within your company is always advantageous for you, whether you are a financial or non-financial institution. And one of them is you don’t have to shell out a consultation fee every now and then. However, sometimes the cost of maintaining the compliance team can burn a hole in your pocket. Usually, the establishments featuring a huge customer base opt to have an in-house anti-money laundering department as they are more prone to the risk of money laundering activities. You may always consult with us about the feasibility of having your own Compliance Department within the company. Plus, our Compliance Advisors can help you find the right human resource for you, as the selection of perfect staff is crucial. Caveat: Make sure the communication between the compliance team and management is smooth and unobstructed. We are happy to help you at every step of the way, from keeping a check on the employees’ working efficiency, developing procedures and implementing best practices to regular monitoring and reporting. We can also assist you in the creation of a predefined manual for AML/CTF checks.

If you have an in-house Compliance Department, you certainly need to have a standard manual defining all the required AML/CTF checks. It is a necessary tool for keeping your company compliant while supporting you in standardising the AML procedure, aiding employees in their everyday activities. The manual is designed keeping the size, nature, and complexity of your business, the number of clients you interact with on a regular basis, the regulatory framework applicable to you, and the type and volume of transactions in view. The elaborated manual must contain the process of how screening, KYC due diligence, risk profiling, and transaction check will take place. You may get in touch with us to keep your personalised AML manual up-to-the-minute and organisation compliant with the AML laws. Also, if you need any help in training your AML staff to keep them informed and vigilant, you are covered at Adam Global.

For your business, it’s important to know and verify whether the customer you have stumbled upon is who they say they are. That’s what KYC is for. There are tons of transactions that take place through the financial system of your firm, so it becomes vital to ‘Know Your Customer’. KYC Due Diligence aims to figure out the risks associated with these financial transactions. It is a crucial measure to ensure that the customer you are dealing with is reliable and what type of further investigation is required if the system finds them suspicious. Many companies fail to have an effective KYC, resulting in compliance issues and fines. You can always take advantage of the KYC Due Diligence service provided by our competent advisors who bend over backward to give you an accurate picture of the customer details no matter how tiresome the AML process is.

KYC is a screening process conducted at the early stage of laying down business relationships with the potential customers, while Customer Due Diligence (CDD) checks continue throughout the client relationship. CDD is an ongoing process to monitor any possible suspicious activities aimed at money laundering. Both are a crucial part of an anti-money laundering (AML) program.

KYC doesn’t suffice if you are dealing with high-risk customers. It is highly recommended you perform a rigorous background check on them, depending upon their risk profile before you make the deal. For that, you need to approach some experienced Due Diligence Consultant for the Enhanced Due Diligence service. Enhanced Due Diligence service providers thoroughly study all the aspects related to the customer including the nature of their business, the purpose behind the transaction, method of payment, beneficiary of the transaction, the local market reputation of the business, and whatnot.

If your staff does care about the source of funds, then forget about the AML penalties. It is important to make sure that the employees are abiding by the AML Compliance guidelines. But how? AML Mystery Shopping is the answer. Whereas the AML compliance audit is for monitoring the ongoing process, mystery shopping updates you about how efficient and sincere are employees to their work when it comes to AML compliance. Keep your AML strategy right as rain with Adam Global. Mystery shoppers when hired check the screening and KYC process by pretending as a customer and work their best to find out any loopholes in the system and make sure the process is foolproof. They also let you know whether the constituted procedures are followed in their true sense and what alterations are required.