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:

AML Strategy

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 provide:

• Conduction of 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 Assessments.
• Industry tailored AML Training.

AML Response

• 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.