Staying Compliant

Our AML Compliance Advisory service line is focused on assessing and mitigating two sectors of risk: Regulatory Compliance and Anti Money Laundering (AML) and Combatting Financial Terrorism (CFT) risks.

Our experts within this field have delivered quality independent assessments, enabling licensed entities, service providers and subject persons to foster a compliance culture within their own organisation, as well as planned reorganisation, including practical measures intended to tailor and reshape a company’s culture of compliance to suit the ever-changing compliance obligations.

In order to enhance the level of compliance within an organisation, we encourage senior management to:

• Reassess the company’s business risk assessment in light of ongoing operational changes; 

• Create a one to three year plan focused on enhancing the company’s compliance program; 

• Set reasonable targets which take into account the business resources, limitations, customer base, and suppliers; 

• Engage third parties to carry out an independent health check on vital aspects of the company, such as AML, responsible gaming and good corporate governance; 

• Ensure all employees are involved, and have proper access to the relevant compliance material, policies, and procedures; 

• Document your root cause analysis, system improvements, policy updates, training refreshers, and all that is being done by the company as a rectification process; 

• Create an audit trail as this will come in handy during regulatory offsite inspections as well so even more important; and 

• Balance reward of sale with an effective compliance culture and include a compliance measurement into job performance matrices. 

How can BDO help?

Our AML Compliance consutants can assist you with the following services: 

• Identification of any compliance gaps through an AML Compliance Review; 

• Design of an effective AML Remediation Plan; 

• Development of tailor-made AML CFT policies and procedures; 

• Delivery of AML awareness training; and 

• Provision of AML Compliance support. 

Want to know more? Get in touch with our AML team: