(also see How we can help)
Overview
The international community demands that jurisdictions take proactive measures to prevent financial crime. This is achieved in part through the use of deterrents, such as substantial fines and / or custodial sentences. In order to ensure that organisations do not breach financial crime legislation, it is necessary to implement and constantly monitor a system that will draw attention to possible acts of money laundering. Comsure can work with organisations to implement, review and provide training in the use of a bespoke anti-money laundering system.
Enhanced Due Diligence and Client Reviews
It is a regulatory and legal requirement for financial services businesses to know their clients, so as to be able to identify the legitimacy of funds flowing through their accounts. Many firms undertake checks on their clients, only to find themselves uncertain as to the correct course of action where there is a possibility that, for example, a high net worth client may have been involved in criminal behaviour. Comsure can work with firms to apply appropriate criteria in order to assess whether the law requires a Suspicious Activity Report to be filed with the authorities or whether the circumstances require any other particular action to be taken.
Training
Organisations are under a duty to report any activity which cause their staff to suspect that a client might be involved in money-laundering. Penalties for breach of this requirement can be severe. It is desirable that all staff involved in the handling of funds have at least a grasp of the fundamental issues relating to money laundering. Comsure has experience of dealing with a wide range of money laundering issues and is able to disseminate this knowledge to your staff at all levels.
Automated Solutions
There is a very strict obligation upon financial services businesses internationally to take sufficient steps to prevent and forestall anti-money laundering. This requires businesses to apply appropriate considerations in relation to each and every client transaction. It is, of course, possible to achieve this using your staff. However, Comsure believes that it is much more efficient to take advantage of technology with a view to substantially automating the process. Comsure Automated Solutions is a modular service which allows clients access to best of breed providers to minimise the risk of human error.