What’s On Your Checklist?
Companies set many plans and objectives yearly to continue good business operations. This is like most people who have on their lists improving their health so they can aim to live longer. In the same way, firm leaders also need to apply this this determination to the wellness of their firms.
What should be on your Company’s check list for 2018?
Make sure your firm has an independent Anti-Money Laundering Audit (AML) audit planned and conducted within the next six months.
Why assess my AML program over the next 6 months?
2018 is a big year for Bermuda in terms of tackling AML. The Caribbean Financial Action Task Force (CFATF), the Caribbean’s main body countering money laundering, will be conducting their Bermuda review later this year. Bermuda and companies based here should be thinking of their overall image for the coming months and make sure they are in shape before the assessors arrive on the island.
Getting in shape, or conducting an Independent AML audit is always easier and safer when you do it with a professional. The same goes for your organisation. Oyster Consulting’s professional support can help you assess and improve your firm’s AML program.
Having Oyster Consulting conduct your AML audit is like seeing your personal trainer at the local gym. Oyster will assess your firm’s needs and give you reminders and updates about what standards you need to meet and if there are potential red flags that might arise. This helps to reassure you that your company is getting into shapeOyster doesn’t provide a cookie-cutter service – we adapt to your needs and concerns. You will be able to see progress and improvements with our advisory expertise, rather than just waiting for results that might be hard to swallow.
At Oyster Consulting, we provide the specialist AML services you may need, including:
- AML/ATF Program Structure, Approval and Oversight
- Customer Identification / Onboarding Program
- Financial Intelligence Agency Section 16 Requests
- Review of Accounts, with an emphasis on High Risk Accounts
- Transaction Monitoring
- Sanctions Screening
- Suspicious Activity Reporting and Consent Requests
- Training and Education
Oyster has a highly experienced team. Our consultants have experience in conducting and supervision over audits across all industries, so we know what it takes to get the best end results with your AML audit. We recommend that you make your firm’s ’s preparation for the CFATF review a priority. Together, let’s get your firm looking its best for 2018 and beyond.