AML, CTF and Sanctions Compliance
As a result of FATF’s 40 recommendations, in recent years, governments around the world have been busy enhancing legislation, regulation, and oversight to combat money laundering and terrorist financing. These regulations were once focused on financial services firms, however, are now impacting a wide range of businesses.
These rules are designed to ensure that all firms put in place robust systems and controls to identify and prevent money laundering taking place, and to ensure that they do not facilitate sanctions breaches. Organisations are required to ensure that all staff are aware of the importance of these controls and how to implement them.
Supervisory authorities can impose severe penalties on businesses, senior management and individuals that fail to implement proportionate controls to the risks the business face. These penalties apply even if no money laundering has taken place, thereby ensuring that this is an area that every organisation must treat with the utmost importance.
How Waystone can help
Our financial crime prevention services can provide you with the assurance that you are adequately managing the associated risks of financial crime in line with regulatory requirements. Many of our clients use our services to augment, advise and scale their compliance team. We can provide you with a tailored service based on the following elements of support:
- provision of AML/CTF audits
- design and implementation of your AML/CTF framework
- AML/CTF policy review and policy creation
- preparation of firm-wide AML/CTF risk assessment
- client file reviews
- MLRO support retainer
- ongoing KYC/CDD support
- sanctions framework reviews
- SAR reporting framework
- FCA financial crime reporting (REP-CRIM)
- AML/CTF training.
Who do we support?
We have a wide range of clients that rely on us to support them with their AML/CTF obligations. Our consultants work with clients across a number of industries, meaning we will be able to help you with your AML/CTF requirements, regardless of what sector you are in. We support the firms in the following sectors:
- financial services
- real estate
- payment services
- letting agency
- accountancy
- gambling
- legal
- safe custody service
- high-value dealers
- art dealers