We help our clients conduct proactive AML risk assessments, enhance compliance programs and perform value-added analysis that help decision-makers to address and mitigate specific AML/CFT risks.

Risk assessment requires the identification and analysis of ML/FT risks present within the reporting entity and the design and effective implementation of policies and procedures that are commensurate with the identified risks. In conducting a comprehensive risk assessment to evaluate ML/FT risks, a reporting entity should consider all the relevant inherent and residual risk factors at the country, sectoral, reporting entity itself and business relationship level, among others, in order to determine its risk profile and the appropriate level of mitigation to be applied.

The key purpose of a money laundering and terrorism financing risk assessment is to drive improvements in financial crime risk management, through identifying the general and specific risks a reporting entity is facing, determining how these risks are mitigated by a firm’s through its AML programme controls and establishing the residual risk that remains for business.

The results of a risk assessment can be used for a variety of reasons, including to:

• identify gaps or opportunities for improvement in AML/CFT policies, procedures and processes;
• assist management in understanding how the structure of a business unit or business line’s AML/CFT compliance programme aligns with its risk profile;
• develop risk mitigation strategies including applicable internal controls and therefore lower a business unit or business line’s residual risk exposure;
• ensure senior management are made aware of the key risks, control gaps and possible remediation actions;
• assist senior management with key decisions in relation to commercial exits and disposals;
• ensure regulators are made aware of the key risks, controls in place and remediation efforts across the reporting entity;
• assist management in ensuring that resources and priorities are aligned with its risks.

An independent review from TT Compliance ltd helps to ensure that AML/CFT compliance controls are risk ready. Each TT Compliance ltd client is assigned a certified AML/CFT industry specialist who serves as an advisor through the entire assessment process.

With an unbiased, objective view of the client’s business and operations, advisors apply their vast industry know-how and a proven three-step process to assess the program, identify gaps, and propose recommended enhancements.

Review of policies and procedures to ensure they meet regulatory requirements and industry best practice. Policies and procedures are living documents that should grow and adapt with the AML/CFT requirements and best practices. Policy review is a crucial part of an effective policy and procedure management plan.

Ultimately a review of policies and procedures aims also to ensure that they are implemented as they were intended, assess how often they are used and to gather responses on how accessible/practical they are.

Providing training programs to enhance internal AML/CFT and sanctions awareness and culture. An ongoing employee training program is one of the four pillars of an AML/CFT program, and an essential component for bank and nonbank financial institutions or professionals to maintain compliance with Anti-Money Laundering laws and regulations.

In addition to meeting regulatory requirements, institutions benefit from regularly scheduled training when their employees:

• Understand the AML/CFT risks inherent to their industry and institution;
• Have the knowledge to detect unusual activities and recognize red flags; and
• Can escalate unusual or suspicious activity to their supervisor or compliance officer.

Reporting entities should assign an advanced level of training to staff in areas prone to higher AML/CFT risks. These include staff with direct customer contact; operational teams; compliance and audit staff; subject-matter experts and senior management.

Ignorance is not bliss in the AML/CFT sphere. Failing to have an effective and adequate AML/CFT program in place can have devastating/ adversary effects on a company: potential penalties, loss of business, and destruction/dismantle of a well-earned reputation in the industry.

It’s not enough for banks, financial industry and relevant professionals just to set an AML/CFT compliance program. The program must evolve with the changing regulatory environment’s rules and regulations; programs that remain static expose themselves to regulatory scrutiny.

Compliance consulting services from TT Compliance ltd can help companies to develop and maintain their AML/CFT compliance programs. From one-time assistance to ongoing support, TT Compliance ltd professionals provide clients with personalized services to ensure they are meeting their compliance goals.

TT Compliance ltd consultants have extensive experience in AML/CFT prevention and investigation, the insights, and the connections to stay abreast of the changing regulatory landscape. Our level of experience and expertise extends beyond the traditional nonbank markets into the emerging markets of virtual currency and other technologies. We tailor our compliance-consulting offerings based on the individual client’s need:

• A new business who needs help creating a compliance program;
• Companies with existing AML/CFT programs that may need a helping hand:
  • Coaching a compliance officer;
  • Verifying their AML/CFT program is up to date and compliant with a best practices review or gap analysis;
  • Enhancing one or more of the four pillars;
  • Streamlining, strengthening, or revamping controls to strengthen the program.

Each TT Compliance ltd client is assigned a certified AML/CFT industry specialist who works with them to customize the program in accordance with the institution’s risk exposure, current staffing levels, and overall risk management framework.

Our services offerings include also:

• Transaction Monitoring & Sanctions Screening;
• Investigative Due Diligence;
• Conducts corruption risk assessments;
• Know Your Customer – Undertaking independent KYC assessment;
• CDD/EDD, transactions and SAR/STR/UTR reviews.