Anti Money Laundering / Countering Financing of Terrorism (AML/CFT)

Strategi Ltd is a provider of AML/CFT audits – both for the Risk Assessment and the AML/CFT Programme audits. Strategi has undertaken a significant number of AML/CFT audits and it is pleasing to note most Reporting Entities are shaping up well and are getting to grips with what is required under the AML/CFT legislation. However, a number of common issues have been identified which... Read more

AML/CFT Compliance Officer is a new role which came into effect from 30 June 2013. It is not a matter of simply assigning an employee, or oneself, to this role to demonstrate compliance with the AML/CFT Act. A number of tasks, outlined below, need to be undertaken before the designated person can assume this role: Prepare a clearly defined role description, outlining responsibilities and... Read more

As a part of conducting customer due diligence under the AML/CFT Act 2009, most advisers follow the customer identity verification requirements prescribed by the respective product providers. These meet the requirements contained in the Amended Identity Verification Code of Practice 2013 (IVCOP 2013). Advisers can either undertake document verification face-to-face with a client, or rely on... Read more

Take 30 seconds to complete the questions below to see how well you have implemented AML/CFT into your business. Has your Operations Manual been updated to reflect your AML/CFT programme? Are the policies and procedures you have in your AML/CFT programme actually in place? Do you have a defendable methodology for conducting customer due diligence (CDD) for all new clients (... Read more

AML/CFT compliance officers are very scarce and highly sought-after professionals, and it has become one of the fastest growing professions in the world. The following five tips will help you discharge some of your responsibilities as an AML/CFT compliance officer, and prove you to be a valuable asset to your organisation. 1. Ensure staff know who the AML/CFT compliance officer is The... Read more