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.
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