Anti-money laundering

Money Laundering

For traditional financial institutions and most money services businesses (MSBs), compliance with anti-money laundering (AML) requirements is an inevitable part of doing business.

All financial institutions and all companies that engage in financial transactions must comply with regulatory compliance obligations.

There is no one-size-fits-all approach to compliance programs, as each company has a different risk profile. Regulators expect institutions to customize programs to fit their business operations.

It is important to have a well-developed AML compliance program that manages compliance risks and promotes industry best practices.

At TechLex, we help businesses meet the increasing expectations of regulators and reduce risks related to money laundering. Our team members have extensive AML backgrounds, including Certified Money Laundering Specialists (CAMS) and seasoned professionals, and have worked in various high-risk AML environments. Additionally, our team includes former regulatory auditors who bring valuable perspectives to your AML efforts. We handle AML projects for internationally based clients and actively support clients with compliance issues through auditing, monitoring, training, and ongoing advisory capabilities.

Our AML services are focused on proactive and continuous excellence.

As a legal company, we recognize that full-featured compliance capabilities can sometimes be overwhelming for the business.

We provide outsourced AML compliance solutions such as customer onboarding, periodic reviews, PEP and sanctions reviews, transaction monitoring, AML reporting, and general financial crime policy and procedure advice.

Risk management is not a static, one-time event; effective AML policies require continuous updates and proactive systems and processes. That’s why we’re working with our existing teams to deepen our understanding of the key risks.

We perform outsourced AML reviews, including customer due diligence (CDD) reviews and CDD onboarding assistance. We identify and assess the risks faced by organizations concerning financial crime and help implement policies, controls, and procedures to mitigate and effectively manage the identified risks. We also perform AML/KYC checks for fund investors and maintain all investor documentation.

We also conduct independent audits to examine and evaluate a company’s policies, controls, and procedures, including a review of a company’s KYC onboarding records.

We could help you ensure your policies and processes consistently meet and exceed peer standards and regulatory expectations.

Our specialists assess your risk based on your location, customers, and services, and develop a compliance program based on your risk profile.

An important part of AML compliance is conducting independent reviews to test program risks and compliance issues.  The frequency and scope of inspections vary depending on the nature of the job. We will propose the necessary inspection details and carry out the inspection.

Everyone in an organization participating in an AML compliance program should understand the relevant parts of the program and their responsibilities. Training must be conducted regularly to maintain a culture of compliance. If your company needs assistance with ongoing compliance, don’t hesitate to rely on our professional AML consulting services.

TechLex provides ongoing advisory services to a variety of financial institutions and MSBs.

  • Backlog assessment

We provide assistance to financial institutions in the clearance of backlogs or to conduct lookbacks in the following areas: customer due diligence (CDD) reviews, enhanced due diligence (EDD) reviews, name screening alerts, adverse media alerts, transaction monitoring alerts, case investigations and suspicious activity reports (SAR), and fraud alerts.

  • Risk Assessment Models

It is important to assess his AML risk that each customer presents to the financial institution. We can evaluate current risk assessment models and advise our clients on how to improve their risk assessments.  Alternatively, we can design a new risk assessment model tailored to your AML program.

  • Gap Assessment

It’s important to conduct regular gap assessments to stay on top of current AML standards and industry best practices. Whether through regulatory intervention or as a self-initiated project, we can assess your company’s AML compliance program to ensure it aligns with industry best practices. Our consultants have extensive experience,  industry standards knowledge and expertise in all areas of AML compliance and are well-equipped to perform a gap

  • Virtual Assets and Cryptocurrencies

The increase in global crypto asset transactions has raised several compliance and risk assessment issues, particularly concerning money laundering risks. FinTech companies in the industry face many regulatory challenges and they must take all necessary steps to manage risk and comply with anti-money laundering (AML) regulations.

Working in such an innovative industry requires innovative solutions and approaches to AML compliance and risk management. At TechLex, we advise businesses operating in the unpredictable and rapidly growing virtual asset sector. Our consultants and experts make it as easy as possible to design and implement AML-compliant policies that are up to date with your virtual asset requirements. We’ll also help your team understand these policies, including how to identify violations and increased risk.  We understand that this industry is unpredictable and constantly changing, and we help your business stay relevant and up-to-date in the virtual assets and crypto services market.

Please contact us for more information about our range of services.

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