Legal compliance includes Anti-Money Laundering (AML) Services whereby “subject persons”, including Notaries, Auditors, Accountants, Legal professionals, Company Service Providers, Tax advisors, Real estate agents, gaming companies etc…, have an obligation at law to comply with the various local and international laws, regulations, directives and guidelines that are issued from time to time.
ANTI MONEY LAUNDERING DOCUMENTATION
Whether you are a Notary, Accountant, CSP, Real Estate Agent or any other subject person, you are required to have measures, policies and procedures in place that are adequate and appropriate to prevent the carrying out of operations that may be related to money laundering or funding of terrorism.
The AML manual which forms part of the entire compliance management system lays down the internal procedures adopted by the subject person against the fight of money laundering and funding of terrorism.
The Customer Acceptance Policy defines the clients which will be acceptable or not (risk appetite), by identifying a number of risks associated with the clients and identifying procedures on how to manage and mitigate those risks.
CDD forms enable the subject person to collect information on their clients which allows them to carry out proper CDD and risk assessment within the context of the Customer Acceptance Policy.
LEXCO provides all the necessary support to help you be compliant with AML legal obligations. Furthermore, our dedicated compliance team is always available to provide real time support whenever you have a practical query whether related to Initial on-boarding, Source of Funds, Source of Wealth, Filling of forms etc… or related to a more complex issue such as legal interpretation, Suspicious Transaction Reporting, or support with the FIAU submission of the Annual Compliance Report.
Every subject person shall take appropriate Risk-assessment steps, proportionate to the nature and size of its business, to identify and assess the risks of money laundering and funding of terrorism that arise out of its activities or business, taking into account risk factors including those relating to customers, countries or geographical areas, products, services, transactions and delivery channels and shall furthermore take into consideration any national or supranational risk assessments relating to risks of money laundering and the funding of terrorism.
Risk assessment policies, procedures and tools must be developed and implemented to ensure that clients are properly risk assessed prior to onboarding or the carrying out of an occasional transaction and during the term of the business relationship.
As part of the Customer Due Diligence (CDD), subject persons should have a system in place which detects whether prospective or existing customers, whether natural or legal persons, are subject to any financial sanctions. The system adopted by subject persons should be sufficiently adequate to keep subject persons updated with all financial sanctions that might be issued or updated from time to time by the UN Security Council or the EU in connection with terrorism or the proliferation of weapons of mass destruction.
When carrying out CDD in relation to a business relationship or an occasional transaction subject persons shall be required to screen customers to determine whether they are designated persons or entities. Other checks on adverse media and politically exposed persons (PEPs) databases, shall also be carried out
CUSTOMER DUE DILIGENCE
Subject persons must carry out proper customer due diligence on existing and prospective customers, including the nature of the transaction or business relationship, as well as a number of identification and verification checks including verification of source of wealth and funds. Customer Due Diligence shall include initial CDD, carried out both at on-boarding stage as well on-going monitoring, carried out during the term of the business relationship.
Subject persons are required to provide employees from time to time with training in the recognition and handling of operations and transactions which may be related to proceeds of criminal activity, money laundering or the funding of terrorism;
Training shall ensure that employees are kept aware of the latest AML/CFT policies, procedures and relevant legislation.
Every subject person shall be required to implement, where appropriate with regard to the size and nature of the business, an independent audit function to test the internal measures, policies, controls and procedures;
Apart from assisting our clients develop systems, we also provide and carry out audits against pre-set criteria to ensure that internal policies and procedures are being adhered to and thus prepare clients for eventual external audits