AML/CFT remediation solutions

AML/CFT Remediation Action - Fixing AML/CFT Breaches

AML/CFT Remediation Action Creating AML/CFT remediation plans and solutions forms a part of our AML/CFT advisory services. Having vast experience in supporting financial institutions facing scrutiny from regulators or AML/CFT reporting entities going through an extensive remediation action, we can help you get things right following a request for an AML/CFT action plan, a formal AML/CFT warning, or proceedings, following a breach of AML/CFT laws. Our services in this area include:

  • Assisting AML/CFT regulated entities in remediating any gaps found in their AML/CFT frameworks during the AML/CFT related reviews, audits, and inspections from external parties, including auditors, AML/CFT supervisors, and regulators, in a timely and appropriate manner.
  • Drafting and implementing detailed remediation plans that would address the relevant findings, fix the gaps, remediate anti-money laundering breaches, and counter-terrorism financing failures, including such areas as:

 

  1. KYC failures related to identifying politically exposed persons (PEPs), sanction controls, etc.;
  2. Breaches of customer due diligence (CDD) and enhanced due diligence (EDD) processes during onboarding;
  3. Ongoing compliance failures in detecting and addressing large, complex, or unusual transactions, inadequate source of wealth (SOW), and source of funds (SOF) policies;
  4. AML/CFT reporting failures in filing suspicious activity reports (SARs), suspicious transaction reports (STRs), or prescribed transaction reports (PTRs);
  5. Record-keeping breaches; and
  6. Other AML/CFT-related weaknesses or breaches identified by an external party.

 

 

 

  • Leading AML/CFT remediation processes by working with your Risk & Compliance function and other departments and liaising with external stakeholders on your remediation progress to re-establish trust in your AML/CFT policies and procedures.
  • Undertaking reviews for AML/CFT reporting entities to confirm their completion of AML/CFT remediation activity as part of the management and settlement of AML/CFT actions.
  • Establishing and implementing AML/CFT protocols, AML/CFT training plans, and programs to minimize the chances of similar AML/CFT breaches recurring. Our goal is to help you overcome an AML/CFT issue while allowing you to operate your business efficiently and boost your AML/CFT compliance.