Under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT) certain businesses are required to put preventative measures in place to help detect and deter money laundering and countering financing of terrorism. Phase 1 of the Act has been in force since 2013. It applies to banks, casinos and a range of financial service providers. Phase 2 of the Act extends the AML/CFT regime to lawyers, conveyancers, accountants, real estate agents, sports and race betting, and businesses that deal in certain high value goods. This requires operational and legal expertise. The AML/CFT Act requires correct risk identification, adequate and effective policies, procedures and controls for customer due diligence, and ongoing customer due diligence, account monitoring, proper implementation, and ongoing audits. Inadequate or non-compliance with these obligations can give rise to significant business risks and legal issues if not properly managed. The penalties for non-compliance in the case of an individual, is either or both of the following: A term of imprisonment of not more than 2 years A fine of up to $300,000. For a firm, the penalty is a fine of up to $5 million. IR Legal can help you to cost effectively manage all your AML/CFT Act compliance obligations. This includes preparing your AML/CFT risk assessment and programs, helping you to choose adequate cost effective software to automate some of your compliance obligations, post implementation review of your AML/CFT risk assessment and programs, ongoing AML/CFT Act advisory work, and AML/CFT related training and audits. We can also represent you if you are currently or in the future faced with queries, audit or enforcement action by AML/CFT regulators.
With his background and training in law enforcement, investigation and detective work, Ismail Rasheed is in a very good position to advise in this area of law. He has published a paper on AML/CFT Compliance and Emerging Practical Issues. READ MORE.
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