Anti-Money Laundering - Countering Funding of Terrorism
Kyte can provide you with all the consultancy and referrals to services needed to meet your AML/CFT obligations in the Remote Gaming and Fintech industries as directed by the FIAU, MGA and MFSA guidelines and the relevant Maltese and European legislation as updated from time to time.
Our AML/CFT service line will assist you in all relevant areas, such as:
- ML/FT Business Risk Assessment;
- ML/FT Customer Risk Assessments strategies and tools;
- AML/CFT Policies, due diligence, ongoing monitoring, suspicious transaction reporting, human resources procedures drafting and updates;
- AML and CDD Monitoring tools, software and services;
- Internal AML/CFT Reporting structures;
- AML/CFT E-learning and face-to-face and on-the-job training services from basic awareness to individual advanced training for MLROs; and
- Internal or external commissioned audits of AML/CFT efforts using authorities’ methodology.
Q. I have been informed I will be audited soon by my Regulatory Authority. What can I do?
A. We almost always suggest an initial Gap Analysis to understand the full extent of your services and how you measure up against your regulatory obligations in general terms.
If you have the correct things in place, we would move on to carry out a mock audit so that you can understand the methodology of the audit process and how to ensure you have everything ready, not just for the audit but for the long term. If there are any gaps identified in the Gap Analysis or the Mock Audit, we will provide guidance on how you can resolve these gaps efficiently and prioritise on a risk-based approach.
Q. Which jurisdictions have you worked with?
A. We mainly have provided services to Maltese and UK regulated remote gaming and financial services institutions, however we can tap into additional resources through our network to provide appropriate advice for your business, wherever markets it may be operating.
Q. What are your engagement terms?
A. Our approach is to set meetings with prospective clients to understand their requirements. We do not try to sell you services you don’t need, but instead aim to provide you with the appropriate services at an appropriate price that you can afford and we aim to have you as a regular customer time and again.
Q. Why is AML/CFT so important? Can I take shortcuts?
A. The reality is that whilst many times you may consider your industry to be irrelevant for money launderers or terrorists, service providers like Remote Gaming companies and FinTech companies are targeted and used for such purposes. The global effort against ML/FT is as strong as its weakest links and few if any industries are immune from being misused.
Q. Are you qualified to provide these services?
A. Our consultants and advisors have first-hand practical experience in working in relevant departments within the Remote Gaming and Financial Services Industries, including top companies and high street banks. They retain professional qualifications from and are members of relevant industry bodies like the International Compliance Association and the Association of Certified Fraud Examiners. They continuously attend to local and overseas training, seminars and conferences and actively follow developments in regulations and legislation. We are also frequently invited to contribute in consultations with regulators and authorities.
For further information about our Anti-Money Laundering consultancy services, contact us on email@example.com.