Every jurisdiction in the world has an AML/CFT regime that complies, to varying degrees, with the 40 Recommendations and 9 Special Recommendations set out by the Financial Action Task Force (FATF). Each jurisdiction’s regime is benchmarked for compliance with these Recommendations by a peer review process.
For the Bailiwicks of Guernsey and Jersey this process is performed by MONEYVAL, part of the Council of Europe. Licensees in any jurisdiction will need to ensure that AML/CFT compliance is at the core of their business to ensure compliance with their own national regime.
Midshore can assist any business in complying with their local regime, as well as ensuring that changes to the regime are implemented in a timely and cost-effective way.
Midshore can assist by:
- Mapping AML/CFT requirements for your business
- Implementing appropriate changes to procedures & policies
- Ascertaining the need and scope of remediation
- Remediating your existing clients
- Assisting with your business AML/CFT business risk assessment
- Ensuring a review and monitoring programme is established
- Providing progress reports and a final report detailing all work undertaken
- Training your staff on the latest AML/CFT regime either in-house or online
- Provide training for the CISI’s Combating Financial Crime examination
Different levels of service are available from consultation/advice to full programme management with a team of analysts & administrators to assist with remediation. Correcting or completing the documentation held on client files is one of the easy, but often overlooked, ways to ensure your business remains on the right side of regulation.
Midshore can also provide a Money Laundering Reporting Officer (“MLRO”, where permitted by the local regulatory regime) or outsourced assistance to provide valuable resource to your own MLRO.
We will remain abreast of changes in the relevant AML/CFT regime and will implement regulatory changes into our programme as they are published. It is important for our clients to be sure that they are compliant with the latest AML/CFT requirements wherever they are based.