AML/CFT services at Deloitte Cayman Islands 

Overview

In light of recent regulatory scrutiny, no organization can count itself immune to the potential impact - both reputational and punitive - of not being able to demonstrate a robust, risk based AML/CFT program. Worryingly, however, many organizations are neither up to speed, nor aware of the requirements necessary to satisfy today’s increasingly complex and demanding regulatory environment.

As regulation deepens in complexity and reach, it is no longer just financial institutions that fall within the scope of AML/CFT legislation. Interestingly, money launderers utilize the non-financial sector to conceal their criminal proceeds. Designated Non-Financial Businesses and Professions (DNFBPs) - which include company service providers, money services businesses, lawyers, accountants, real estate agents, dealers of precious metals and stones, and casinos - are also coming into the scope of AML/CFT regulation in much the same way as financial services providers.

With in-depth experience and a global network composed of industry specialists, we understand the AML/CFT risks and complexities our clients face. We offer advisory services across the entire lifecycle of AML/ CFT compliance, drawing on the breadth and depth of our AML capability to provide comprehensive, tailored solutions to many leading financial services providers, as well as smaller organizations. We can help your organization mitigate its risks related to money laundering and terrorist financing, and improve its ability to meet regulatory expectations for a sound AML/CFT program.

What's on your mind?

Organizations face significant challenges when managing their AML/CFT requirements across geographies, lines of businesses (LOBs), products and information systems:

• Reviewing existing AML programs to meet regulatory requirements and expectations
• Implementing an AML/CFT program commensurate with the organization’s risk profile and appetite
• Ensuring that the AML/CFT program remains current and reflective of local and global industry and regulatory trends
• Implementing a transaction monitoring program that is sufficient to address organizational risks
• Identifying AML/CFT risks in business practice i.e. Know Your Customer (KYC)
• Balancing AML/ CFT compliance obligations with compliance costs
• Effective and accurate data management
• Preparing for and responding to regulatory inspections and enforcements
• Project managing remediation exercises to achieve regulatory compliance
• Training across all functions, inclusive of Board, Compliance, and customerfacing personnel

Increased regulatory scrutiny adds to the complexity. It is critical for organizations to develop and implement an action plan to address the heightened regulatory scrutiny and program risks presented with AML/CFT compliance.

Our global AML and Sanctions Advisory practice is comprised of former banking, tax, and securities regulators; law enforcement officials; compliance officers; IT specialists; economists/statisticians; bankers; and industry specialists.

This wide breadth of skills and competencies allows us to have a firm understanding of both existing and emerging risks and challenges in the market place, and enables us to offer strategies for addressing those risks and challenges.

How we can help

Our approach
Whether your AML/CFT needs are self identified, driven by changing standards, or the result of regulatory inquiry or investigation, Deloitte has the tools and resources to address them in a timely, efficient and high quality manner.

Program Assessments
We assist clients in designing, assessing, and implementing AML/CFT programs, and combine industry-specific knowledge with demonstrated methodologies to measure the efficacy of our clients’ AML compliance programs.

Independent Testing and Gap Assessments
We help our clients by testing the effectiveness of their AML program including its people, documentation, processes and technology. We also provide gap analysis services assisting organizations to analyze their current program, highlighting strengths and shortcomings when compared to regulatory and industry requirements and trends.

Enterprise Risk Assessment Consulting
We measure and document the AML risk arising from factors specific to each LOB, including: customer base; products and services; transactions; geographies; and delivery channels. We further capture detail on scope and effectiveness of controls such as policies, procedures, and processes used to manage AML risk. Through these activities, we can provide an analytical assessment of inherent AML risk levels and an assessment of the control processes in place to manage those risks.

Know Your Customer (KYC) Consulting
We help organizations effectively manage risk and meet regulatory expectations by assisting you across all the elements of your global KYC program, including: policies and procedures, client risk rating models, KYC operating models and data management, and customer and enhanced due diligence assessments. We also provide a broad range of KYC remediation services, assisting organizations to uplift customer files to new standards.

Training
We develop and deliver customized training for all levels of employees, management, and Board of Directors.

Transaction Reviews / Lookback Investigations
We assist organizations in assessing current transaction monitoring rules and the process to detect, prevent, and report suspicious activity.

Technology Consulting
We have an advanced AML analytics team and a wide range of technology services to assist clients with understanding their data to make informed decisions regarding their AML technology as a critical component of a comprehensive AML program.

Sanctions Governance Consulting
Deloitte has experience in providing overall, discrete, and timely advice on sanctions programs risk management and compliance. We have worked with many of the world’s largest financial institutions and have well-established relations with the relevant regulators.