Anti-Money Laundering (AML)
Our anti-money laundering services
BDO offers the full range of Anti-Money Laundering services. From designing Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) risk assessments and compliance programmes to working on audits and training. Our services include:
- Designing AML/CFT compliance programs:
- We design a program enabling you to comply with the Cayman Islands Anti-Money Laundering and Counter-Terrorism Financing requirements (Section 6(1)(b)(ii) )
- Evaluation, assessment, and creation of industry-specific AML policies and procedures.
- Independent testing of AML Compliance Programs.
- Cyber Security, including data governance and classification; asset inventory and device management; physical security and environmental controls; third-party vendor management; and on-board education.
- Risk identification and assessment - We look at all aspects of your organisation to identify and assess the extent of any risks that may be present, taking into account new technologies, identity fraud and overseas trends
- Training programs - We offer training programs for all levels of your organisation to ensure everyone, from directors down to frontline banking staff, are aware of their compliance obligations and protocol
- Independent Reviews - We conduct AML/CFT independent reviews for regulated institutions to ensure they comply with their independent review requirements under the AML/CTF Act. BDO will also help clients respond to any irregularities raised by AUSTRAC and assist clients with their preparations
- PEP screening - We undertake politically exposed person (PEP) screening to ensure you can assist customers under high-scrutiny while still keeping to your compliance obligations
- Adverse media screening - We monitor news and media releases to help institutions monitor press regarding both individuals and entities
- KYC advisory - The team at BDO are experienced Know Your Customer (KYC) advisors and can:
- Conduction AML/CFT audits for regulated institutions to ensure they comply with the CIMA audit requirements.
- Implementation and assistance with the firm’s KYC (Know Your Customers)/CIP (Customer Identification Program)/CDD (Customer Due Diligence)/EDD (Enhanced Due Diligence) program, including evaluation and handling of Politically Exposed Persons (“PEPs”) and other high-risk customer categories.
- Assistance with suspicious activity monitoring processes.
- Suspicious Activity Report qualitative assessments based on current CIMA guidelines, including re-drafting and filing of corrected SARs and investigative analysis related to SAR decision-making process.
- AML Risk Assessment.
- Industry tailored AML Training.
- Assistance with regulatory enforcement actions, including developing regulatory responses and collaboration with external counsel.
- Help clients respond to irregularities raised by the regulatory authority and assist clients with their audit preparations.