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The objectives of this assessment will be to identify deficiencies, gaps, and weaknesses that may exist in the policies, controls, and operations of the entity’s AML/CFT Program. In that regard, RockFin proposes the following scope of work:

  • A review of the AML/CFT policies and procedures;
  • A walk-through test of a sample of clients against the policies and procedures;
  • A review of actual practices as per regulatory framework of an AML/CFT audit;
  • A gap-analysis report following the above reviews, issue compliance recommendations, if necessary, in order to comply with relevant and actual legal framework and rules/regulations.

The business risk assessments are designed to assist the financial institution in making such an assessment and provide a method by which the financial institution can identify the extent to which its business and its products and services are exposed to ML and TF. The exercise shall be conducted in accordance with Section 17 of FIAMLA 2002. In that regard, RockFin proposes the following scope of work:

  • Determination of inherent risks;
  • Producing the enterprise-wide picture of the AML/CFT risks and issues;
  • Assessing policies and controls in place to mitigate ML/TF risks; and
  • Conducting a preliminary Business Risk Assessment, detailing the possible residual risks.

Drafting of policies/procedures and controls to ensure that clients are in compliance with all relevant laws, rules, regulations, code and guidelines. Put in place a tailor-made Internal Control Manual defining the procedures to be followed in order to:

  • Improve the effectiveness of corporate governance;
  • Establish a fully functional internal control system;
  • Define risk management measures and risk mitigation approach;
  • Implement ethical practices; and
  • Define procedures to report any suspicious transactions (“STR”) with the responsible authorities.
  • Verification of the due diligence documents, and source of funds (if applicable);
  • Prepare report and issue compliance recommendations where necessary; and
  • Undertake Client Risk Assessment.

The expected deliverable will be a report detailing a status of “hits” and/or “no hits” detailing the key findings on the subject. We use Refinitiv World-Check to help meet your regulatory obligations, make informed decisions, and prevent your business being used to launder the proceeds of financial crime or associated with corrupt practices.

Client on-boarding services covering the following:

  • Preliminary assessment of prospective business relationships;
  • Calibration of Customer Due Diligence processes based on the type of proposed relationships and initial issues identified;
  • Advising on relevant Due Diligence Documents as stipulated by regulators, assessment of Due Diligence Documents against regulatory requirements and industry norms, screening checks, advising and assessment of sources of wealth and fund, building up of clients’ general profile;
  • Designing of Risk-Assessment system for clients;
  • Advising type of/enhanced due diligence to be conducted in case of high risk/PEP clients, and
  • Advice on appropriate onboarding procedures for enhanced due diligence cases and other sensitive cases.
  • Compliance reviews of client files;
  • Client transactions assessment and monitoring against client profile;
  • Recommendation for update of CDD documents;
  • Re-assessment of client risk, amending / updating client profile, monitoring of high-risk clients and recommendation for high-risk transactions / clients.
  • Preliminary assessment of prospective business relationships;
  • Calibration of Customer Due Diligence processes based on the type of proposed relationships and initial issues identified;
  • Advising on relevant Due Diligence Documents as stipulated by regulators;
  • Assessment of Due Diligence Documents against regulatory requirements and industry norms;
  • External checks on clients including:
  1. World Check
  2. Independent checks
  3. OFAC list
  4. UNSCR list
  5. HMRC list and
  6. Similar listings
  • Advising and assessment of sources of wealth and fund;
  • Building up of clients’ general profile;
  • Designing of Risk-Assessment system for clients;
  • Advising type of/enhanced due diligence to be conducted in case of high risk/PEP clients;
  • Advice on appropriate onboarding procedures for enhanced due diligence cases and other sensitive cases.

The use of our internally designed tool for the conversion of FATCA/CRS relevant regulatory accounts into the requested XML format, in a hassle-free manner.

  • Fact finding process of verification and investigation
  • Zoom on high-risk areas enabling an informed decision-making process
  • Avoid bad surprises and a bad business transaction

Covers various aspects of compliance matters in various sectors to equip directors, officers and staff in general with the necessary tools and skills to deal with compliance and regulation and protecting businesses against ML and TF risks.

  • Converting complex laws and regulations into easy-to-understand frameworks suitable for your business models.
  • Covering corporate governance framework, corporate and labour laws.

A continuous improvement to your risk assessment and internal audit planning process for your company.

With an eye-opening independent review impacting business performance, RockFin is here to assist you understand your risk profile to drive greater predictability, lowered volatily and increased transparency.

Secure your business objectives and interest by identifying malpractices.
RockFin can assist you in the following:

  • Investigate systems, processes and people that fail business objectives; and
  • Investigate fraudulent activities where personal gains are put before business interest.
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