Anti-Money Laundering - Countering Funding of Terrorism
Malta, as an EU member, has adopted the Prevention of Money Laundering and funding of terrorism directives. Malta enacted and refreshed the Prevention of Money Laundering Act and other regulations which are designed to ensure that monies passing through Maltese entities have not originated from any criminal activities.
Kyte can provide you with all the consultancy and refferals to services needed to meet your obligations.
Our AML/CFT service line will assist you in all relevant areas, such as:
- AML/CFT Business Risk Assessment - Assist in Compiling AML/CFT Business Risk Assessment Strategy
- AML/CFT Customer Risk Assessment - Assist in Developing Ongoing Customer Specific Risk Assessment Strategy & ongoing PEP / Sanction Checking (Initial and Ongoing)
- Documentation reviews – Review your current Customer Acceptance Policies, AML/CFT Policies, AML and CDD Procedures Creation, set CDD requirements and Assist in Day to Day AML/FT mitigation and control procedures
- AML and CDD Monitoring Tools / Software - Kyte is a partner of Featurespace, the most advanced Artificial Intelligence based monitoring system out there, which is now providing a specific AML /CFT Module and is also partnering with Aqubix who is the company behind KYC Portal which is a KYC Complete Solution for management of KYC and Due Diligence Requirements. We also have relationships with many other compliance related and technology service providers so that you can find the supplier, tool and pricing structure which fits you best.
- Data Analytics - We can assist to formulate strategies on how to use your own data and current systems to identify AML/FT Concerns in your already present customer base.
- STR Procedures and Maintenance - Assist in developing your Suspicious Transaction Report Internal Procedure, Logging system & Reporting to FIAU.
- AML Reporting Setup – Identify what information your Company Board needs to hear at regular board meetings with statistical information about AML Checks / Customer Actions / FIAU Correspondence
- Human Resources Policies related to AML/CFT - Advisory services to help you make sure HR Policies include internal reporting for integrity and monitoring of employees, including Red Flags and Whistleblowing services
- Training Policy - Building your policy identifying which areas of the business need to be trained, the kind of training and ongoing development
- Staff Training - MLRO Training / MLRO Assistants / Compliance Staff Training in the for of Collaborations or Actual Training Materials (E-learning and/or Face2Face sessions including assessments. Refresher training is also catered for.
- Auditing of AML Controls (Internal / External) - Internal / Independent Auditing of AML Controls effectiveness - create guidelines and preparations, sampling procedures and strategy
For further information about our Anti-Money Laundering consultancy services, contact us.