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AML/CFT Policy, Controls, and Procedures
An AML/CFT/CPF & Sanctions Compliance manual is a formally written, senior management-approved document that outlines the policies, controls, and procedures for implementing the legal requirements related to anti-money laundering, counter-terrorism financing, counter-proliferation financing, and sanctions. This document is made accessible to compliance and other relevant staff, independent AML auditors, and supervisory authorities, and it is regularly updated to reflect the latest legal requirements.
Given the rise in money laundering, terrorism financing, proliferation financing, and sanctions activities, organizations in the Cayman Islands face constant risks. These risks can lead to questions about an organization's integrity and result in reputational damage. Therefore, it is crucial for organizations to take full control of their processes and operations to avoid any exposure to these illicit activities. We provide AML/CFT/CPF and Sanctions policy, controls, and procedures documentation services to help organizations remain compliant with the relevant laws in the Cayman Islands.
Engage us to create the most suitable AML/CFT policies and procedures for your business!
Risk Identification
We assist our clients in identifying the money laundering and terrorism financing risks specific to their businesses. By thoroughly examining your business processes, we pinpoint any vulnerabilities that could be exploited by money launderers to legitimize illicit funds.
Gap analysis
We record the risks identified in the risk identification and review of AML policies phases. Based on our analysis, we conduct a gap analysis to determine areas where we can enhance your AML/CFT/CPF and Sanctions compliance programme. This gap analysis serves as the foundation for discussions with the AML Compliance team to ensure a thorough final review.
Assessment of existing AML policies
We evaluate your current AML/CFT/CPF and Sanctions policies and procedures to ensure your operations are protected from criminal activities. We then assess the effectiveness of these AML policies to identify potential weaknesses or areas for improvement, aiming to shield your organization from ML/TF/PF and sanctions risks.
Creation of appropriate AML/CFT frameworks
Our team of expert compliance and regulatory professionals specializes in developing robust AML/CFT/CPF and Sanctions compliance frameworks and control procedures tailored to your business. We recognize the specific risks your business encounters and design a customized program to address these risks effectively. This includes creating policies, controls, and procedures to streamline your business processes.