Anti-Money Laundering

Scope of Work

• A well established insurance broker in the UAE had approached us to strengthen their AML Framework as they had received a penalty of AED 450,000 from the Regulatory Authorities for Non-Compliance of various AML Regulatory requirements.
• Penalty was imposed on grounds of inadequacy in the AML Policy, Inefficiency in the Risk Assessment methodology, Lack of continuous monitoring, lack of employee training on AML and inadequacy in record keeping.
• Client requested us to look into all the above mentioned aspects and assist them in plugging those gaps so as to be fully compliant with the Regulations.

Outcome

• Development of comprehensive AML Policies that are in adequate coverage to the Regulations;
• Mapping and Implementing the internal policies, controls and procedures that enable to manage and mitigate the AML/CFT risks they are exposed to;
• Improvement in Customer Due Diligence and Enhanced Customer Due Diligence Process;
• Complete adherence to the GoAML Reporting requirements; and
• Sound Record Keeping and Employee Training Process;

Value added

• Carried out in-depth analysis and detailed walk-through with the relevant stakeholders to understand the existing AML Risk framework and its mitigating controls;
• Reviewed the KYC screening process and the subsequent documentation being maintained;
• Developed a Risk-based Approach (RBA) to the identification and assessment of AML/CFT risks;
• Provided training to employees for a clear understanding of the risks involved and exercise sound judgment, both when adhering to the organization’s ML/FT risk mitigation measures and when identifying suspicious transactions;