AML & CFT Gap Assessment

With the ever-changing regulatory landscape and emerging money laundering and terrorism financing techniques, keeping a robust Anti-Money Laundering and Combating of Financing of Terrorism (AML& CFT) compliance framework has become top priority for Financial Institutions as well as Designated Non-Financial Businesses and Professions (DNFBPs) to fight against money laundering and terrorism financing.

Therefore, FIs and DNFBPs are required to undergo periodic assessment vis-à-vis regulatory requirements as well as industry best practices to ensure that money laundering risks are mitigated.

We, at AJMS, help our clients in their assessment of AML framework including but not limited to:

  1. Review of the enterprise wise ML risk assessment
  2. Review of AML & CFT policies and procedures including Customer due diligence, ongoing monitoring, suspicious transaction identification and reporting, etc.
  3. Review of AML & CFT controls and systems (transaction monitoring, targeted financial sanctions screening, customer risk assessment and other functional controls)
  4. Review of the compliance governance framework
  5. Review of AML training programme
  6. Review of internal audit plan covering AML & CFT
  7. Review of record keeping procedures

We are industry veterans and consist of ex-regulators, auditors, bankers and AML specialists who not only help you to comply with regulatory requirements but also implement industry best practices to combat money laundering and terrorism financing.