Anti-money laundering

Our thorough knowledge and significant experience in financial crime prevention means that we can develop the right tools for your business which are proportionate to the level of risk identified.

Global Anti-Money Laundering (“AML”) and Counter Terrorist Financing (“CTF”) laws impact businesses across the world.
Businesses need to be able to demonstrate that they have taken appropriate measures to prevent or mitigate the risk of money laundering and/or terrorist financing.

This means businesses must analyse the products and services they offer, the countries they operate in, their sourcing and distribution channels and their clients.

Failure to fully comply with AML/CTF legislation leaves businesses potentially exposed to –

  • sanctions
  • hefty fines
  • personal liability
  • damage to reputation
  • legal battles

SAGEConsult can help your business adhere to key global AML/CTF legislation –

  • AML infrastructure set up and maintenance
  • Tailored AML manuals and forms
  • KYC and background screening
  • AML reviews
  • AML support
  • Outsourced Money Laundering Reporting Officer (‘MLRO’)
  • AML training and mentorship

AML infrastructure

AML is not just about ticking boxes. In order to meet compliance with AML laws, you need to implement a risk based AML program which works and is observed by all levels of your business. A good AML program should be risk based and include systems and controls, policies and procedures which will help to combat financial crime.

SAGEConsult offers fully comprehensive yet practical AML programs that encompass counter terrorist financing; our expert assistance includes

  • Business AML Risk Assessment
  • Tailored manuals covering your AML/CTF policies and procedures
  • Client on-boarding packs
  • Advice on staffing requirements for your AML/CTF department
  • Establishment of an effective AML/CTF monitoring program
  • Assistance with AML/CTF communication through staff awareness training

AML support

SAGEConsult offers flexible support packages. You may only require one-off assistance or you may require continued assistance and wish for us to be on hand.

By choosing an Ongoing Support Service package you can let us look after your AML/CTF function, whilst you concentrate on your business.

SAGEConsult provides outsourced Money Laundering Reporting Officer (“MLRO”) services to firms regulated by the Dubai Financial Services Authority (“DFSA“) in the Dubai International Financial Centre (“DIFC“) and the Financial Services Regulatory Authority (“FSRA“) in the Abu Dhabi Global Market (“ADGM“) in the United Arab Emirates.

  • Your AML manual and forms will be kept up to date, continue to meet regulatory requirements and remain in line with international best practice
  • Your AML infrastructure will be monitored on an appropriate basis through our AML monitoring program
  • We will remain at your disposal should you require any regulatory interpretation and advice
  • We will carry out risk based due diligence (KYC) on new and existing clients and business partners, incorporating background screening
  • We will ensure that your business remains in compliance with international sanctions
  • Your staff will receive AML Awareness training on an annual basis, as well as periodic updates
  • We can guide you on communication with authorities
  • We will assist you with AML regulatory reporting as required
  • We will assist in the filing of Suspicious Activity Reports (“SARs”) to the local Financial Intelligence Unit (“FIU”)

AML review

It is expected that businesses should have an independent review of their AML/CTF function at least once a year.

An AML/CTF review by SAGEConsult will assess your AML function, including a review of AML policies and procedures, your training program, client on-boarding processes, transaction monitoring procedures and your regulatory reporting.

SAGEConsult will write a comprehensive report of your AML function following independent review, which will provide a snapshot of the current set up, identification of any exposures and guidance on resolution.

SAGEConsult can assist with any remediation identified from our report and remain on hand for further expert guidance.