Subject Person is allowed to outsource the aml process, the kyc aml, the implementation of aml documents and aml procedures, applicable to it under the anti money laundering regulations.
Appropriate outsourcing of the aml compliance function is permitted by the anti money laundering regulations and, when used correctly, may vastly improve the aml checks and the aml process required by the Financial Intelligence Unit (FIU).
The outsourcing of AML KYC solutions is a cost-effective and efficient way of managing AML Compliance. In simple terms, ITL will undertake all the everyday duties AML Compliance Department typically does.
ITL’s function is to act as the AML Compliance Team to assist the Money Laundering Reporting Officer (MLRO) in the fulfilment of his AML/CFT duties, doing the back office aspects as would ordinarily be undertaken by your compliance department, such as aml documents, aml checks, aml policy and aml procedures.
We will assist the MLRO to consider alert reporting and notifications generated by AMLEXA in order to determine whether or not the information, or other matter contained in the reports, give rise to a knowledge or suspicion of money laundering or financing terrorism.
We will conduct analysis on the AMLEXA reports, note relevant aml compliance issues, collect more information and evidences and suggest recommendations, so that the MLRO’s decision-making aml process is efficient, and his ability to respond to FIU inquiries is expedited.
There are many advantages to outsourcing your KYC AML, your AML Process and your AML Compliance duties.
We will handle anti money laundering back office work, including tasks such as:
- Customer Due Diligence (CDD)
- Know Your Customer (KYC AML)
- Beneficial Owners Statement and Declaration
- AML Checks
- Online Identity Verification
- Enhanced Due Diligence
- AML Risk Analysis and Assessment
- Verification of Customer Identification
- Verification of Politically Exposed Persons (PEPs)
- Verification of Beneficial Owner
- Verification of Customer Transactions
- Compliance Reporting and Notifications