Anti-Money Laundering (AML) Reviews

National Anti-Money Laundering regulations, aimed at preventing the entry of money, generally obtained through criminal activity to the financial system as well as preventing the financing of terrorism, have recently been subject to significant amendments. The recent changes in the regulations set out major compliance obligations for a number of sectors, particularly for the financial services industry.

The regulations envisage collection of detailed information on the clients of the obliged parties operating, by means of risk management, oversight and monitoring, training and internal audit activities. Successful implementation of these procedures, which require long-term and serious investment, may present a challenge in sectors with limited knowledge of this particular field.

Service Details:

AML Risk Assessment
AML Program Design, Implementation & Monitoring
AML Data Analytics
Know Your Customer (KYC) / Client Due Diligence

AML Risk Assessment

Key control areas for AML Assessment

Governance
Customer Due Diligence
Monitoring Customer Activity
Suspicious Activity Investigation and Escalation
Management Information
People Management and Training
Monitor and Improve Effectiveness of Controls

AML Program Design, Implementation & Monitoring

Where do you stand on compliance with AML regulations?

Do you understand the consequences of the crime of money laundering?

We provide the following services within this context:

Preparation of corporate policies and procedures for Anti-Money Laundering and financing of terrorism; coordination of related oversight, detection, training and internal audit activities
Assessment on regulatory compliance of current corporate procedures and implementation of necessary remedial measures
Assessment of compliance with foreign legislation for obliged parties with partners resident outside Turkey and implementation of necessary remedial measures
Advisory services for establishment and implementation of the required IT infrastructure and assessment of the effectiveness of systems already in place
Identification of high-risk operations and assessment of necessary remedial measures during mergers and acquisitions via review of procedures and past transactions of target companies

AML Data Analytics

Through data analytics, we can help your organization meet the challenges of AML and KYC:

Creating AML incident scenarios
Using analytical tools to test AML scenarios
Identifying potential risks associated with AML compliance

Know Your Customer (KYC) / Client Due Diligence

Various Anti Money Laundering (AML) regulations require financial institutions to undertake customer due diligence measures, including identifying and verifying the identity of their customers.

The range of measures depends on the clients’ risk assessment in regard to the likelihood of money laundering and terrorist financing.

We offer support in design and implementation of suitable end-to-end KYC operating models, development and optimization of KYC processes and procedures, as well as review, support in selection and implementation of IT solutions dedicated to KYC processes.
We can also provide operational support for your KYC Business as Usual processes or design and deliver remediation of deficient KYC files through our Centre of Excellence.
We are also supporting financial institutions in the review of KYC functions from the compliance perspective. This includes independent review of group and local policies and procedures against regulatory requirements.