To ensure that a Financial Institution (FI) is always fully compliant with the relevant legislation relating to Financial Crime and Money Laundering, the FI should define and regularly review the parameters of its risk framework as well as the relevant Anti-Money Laundering (AML) policies and procedures.
The interpretation of the AML Risk Framework must be manifested in appropriate policies. These policies should be reviewed on a regular basis and must be aligned to the specific risk of the FI, current regulations as well as industry best practice.
A regular and independent maturity assessment of these policies will maintain their effectiveness, impartiality and alignment to the risk framework of the organisation and should reduce the risk of the FI being used for, or exposed to, Money Laundering and/or Terrorist Financing.
We work with key stakeholders from the board level down to understand, assess and review the financial crime compliance framework currently in place. This involves:
Review the AML Governance Framework with focus on board level governance;
Review of AML Risk Framework and the effectiveness of AML controls;
Review the supporting policies and procedures;
Rules mapping of the institutions regulatory permissions against current regulations and the FCA Handbook in the UK and taking into account local guidance.
How We Can Help
The Lysis AML Maturity Assessment is a review and assessment of a firm’s current AML framework and governance program against the amended UK 2019 Money Laundering Regulations (MLD17 - updated 2019) and the EU 5th and 6th Money Laundering Directives (5AMLD and 6AMLD). The Maturity Assessment will identify any regulatory gaps or areas of concern which the firm should take remedial steps to enhance. The assessment is done in line with the current regulations and best practises against the firm’s business model and risk appetite. Upon completion of the Maturity Assessment a detailed plan will be provided advising the next steps the firm should take in order to meet the regulatory requirements. The Lysis AML Maturity Assessment Service can be tailored to meet the specific requirements of any firm, regardless of business activity and industry.
For more information on our services please contact firstname.lastname@example.org